<SEC-DOCUMENT>0000216851-12-000018.txt : 20120420
<SEC-HEADER>0000216851-12-000018.hdr.sgml : 20120420
<ACCEPTANCE-DATETIME>20120420113632
ACCESSION NUMBER:		0000216851-12-000018
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120420
DATE AS OF CHANGE:		20120420
EFFECTIVENESS DATE:		20120420

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETROLEUM & RESOURCES CORP
		CENTRAL INDEX KEY:			0000216851
		IRS NUMBER:				135506797
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02736
		FILM NUMBER:		12770021

	BUSINESS ADDRESS:	
		STREET 1:		SEVEN ST PAUL ST
		STREET 2:		STE 1140
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
		BUSINESS PHONE:		4107525900

	MAIL ADDRESS:	
		STREET 1:		7 ST PAUL STREET
		STREET 2:		STE 1140
		CITY:			BALTIMORE
		STATE:			MD
		ZIP:			21202
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>peonq03312012.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>PETROLEUM &amp; RESOURCES CORPORATION - FORM N-Q - MARCH 31, 2012</TITLE>
</HEAD>

<BODY>

<FONT FACE="Times New Roman"><P ALIGN="CENTER"><strong>FORM N-Q</strong></P>
<strong></B>

</strong>
<P>&nbsp;</P>

<P>&nbsp;</P>

<P ALIGN="CENTER"><strong>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY<BR>


</strong>
<P ALIGN="CENTER"><strong>Investment Company Act file number: 811-02736</strong><BR>
-------------------------------------------------------------------------</P>

<P>&nbsp;</P>
<P ALIGN="CENTER"><strong>PETROLEUM &amp; RESOURCES CORPORATION</strong><BR>
-------------------------------------------------------------------------<BR>
(Exact name of registrant as specified in charter)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER"><strong>7 Saint Paul Street, Suite 1140, Baltimore, Maryland 21202</strong><BR>
-------------------------------------------------------------------------<BR>
(Address of principal executive offices)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P ALIGN="CENTER"><strong>Lawrence L. Hooper, Jr.<BR>
Petroleum &amp; Resources Corporation<BR>
7 Saint Paul Street, Suite 1140<BR>
Baltimore, Maryland  21202</strong><BR>
-------------------------------------------------------------------------<BR>
(Name and address of agent for service)</P>

<P>&nbsp;</P>
<P>&nbsp;</P>
<P><strong>Registrant's telephone number, including area code:</strong> (410) 752-5900<BR>
  <strong>Date of fiscal year end:</B></strong> December 31<BR>
<strong>Date of reporting period:</B></strong> March 31, 2012</P>

<P><strong>Item 1.  Schedule of Investments.</strong></P>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SCHEDULE OF INVESTMENTS </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #3c5e51">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>March 31, 2012 </I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(unaudited) </I></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">
  <TR>
    <TD WIDTH="60%"></TD>
    <TD VALIGN="bottom" WIDTH="5%"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD VALIGN="bottom" WIDTH="6%"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR>
    <TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Value&nbsp;(A)</B></FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#3c5e51"><B>Stocks &nbsp;&#151;&nbsp;94.9%</B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR>
    <TD HEIGHT="5"></TD>
    <TD HEIGHT="5" COLSPAN="4"></TD>
    <TD HEIGHT="5" COLSPAN="4"></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Energy&nbsp;&#151;&nbsp;74.1%</B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR>
    <TD VALIGN="top" COLSPAN="4"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Exploration &amp; Production&nbsp;&#151;&nbsp;21.9%</I></B></FONT></P></TD>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>&nbsp;&nbsp;</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Anadarko Petroleum Corp. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">275,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21,543,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Apache Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">140,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14,061,600</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Devon Energy Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">135,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9,601,200</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Energen Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">175,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,601,250</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">EOG Resources, Inc.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">110,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,221,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">EQT Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">140,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6,749,400</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Forest Oil Corp. (C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">200,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,424,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Marathon Oil Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">175,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5,547,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Marathon Petroleum Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">190,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,238,400</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Newfield Exploration Co. (C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">80,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,774,400</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Noble Energy, Inc.(E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">190,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">18,578,200</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Oasis Petroleum, Inc. (C)(E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">150,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,624,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Occidental Petroleum Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">360,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">34,282,800</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Pioneer&nbsp;Natural&nbsp;Resources&nbsp;Co.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">75,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,369,250</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">QEP Resources, Inc. (with attached rights)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">190,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5,795,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Southwestern Energy Co. (C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">55,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,683,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">WPX Energy, Inc. (C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">150,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,701,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">167,796,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Integrated Oil &amp; Gas&nbsp;&#151;&nbsp;34.3%</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Chevron Corp. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">860,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">92,226,400</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">ConocoPhillips</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">350,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">26,603,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Exxon Mobil Corp. (E)(F)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,358,430</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">117,816,634</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Hess Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">225,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">13,263,750</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Royal Dutch Shell plc (Class A) ADR (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">182,273</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,782,805</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">262,693,089</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Pipelines&nbsp;&#151;&nbsp;3.7%</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Kinder Morgan Inc. (B)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">250,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9,662,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Spectra Energy Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">208,812</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6,588,019</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Williams Companies, Inc.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">400,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,324,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">28,574,519</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Services&nbsp;&#151;&nbsp;14.2%</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Baker Hughes, Inc. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">60,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,516,400</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Halliburton Co.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">427,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">14,188,725</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Nabors Industries Ltd. (C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">119,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">2,081,310</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">National Oilwell Varco, Inc. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">250,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">19,867,500</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Oil States International, Inc. (C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">140,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,928,400</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Schlumberger Ltd.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">575,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">40,209,750</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Seadrill Ltd. (B)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">200,003</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7,502,113</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Transocean Ltd. (C)(E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">100,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5,470,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Weatherford&nbsp;International,&nbsp;Ltd.&nbsp;(C)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">400,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">6,036,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">108,800,198</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD HEIGHT="5"></TD>
    <TD HEIGHT="5" COLSPAN="4"></TD>
    <TD HEIGHT="5" COLSPAN="3"></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Basic Materials&nbsp;&#151;&nbsp;17.4%</B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Chemicals&nbsp;&#151;&nbsp;11.6%</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Air&nbsp;Products&nbsp;and&nbsp;Chemicals,&nbsp;Inc.&nbsp;(E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">100,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9,180,000</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">CF Industries Holdings,&nbsp;Inc. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">84,069</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15,355,203</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Dow Chemical Co.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">550,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">19,052,000</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">FMC Corp. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">130,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">13,761,800</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">LyondellBasell Industries N.V.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">75,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,273,750</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Potash Corporation of Saskatchewan Inc. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">240,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,965,600</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Praxair, Inc. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">150,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">17,196,000</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">88,784,353</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Industrial Metals&nbsp;&#151;&nbsp;4.6%</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Cliffs Natural Resources Inc. (E)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">142,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">9,834,920</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Freeport-McMoRan Copper &amp; Gold Inc.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">487,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">18,525,480</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Teck Resources Ltd. (Class B)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">200,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">7,132,000</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">35,492,400</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B><I>Mining&nbsp;&#151;&nbsp;1.2%</I></B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-top:0px;margin-bottom:1px; margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Molycorp, Inc. (B)(C) </FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">89,800</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,037,934</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Peabody Energy Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">204,940</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">5,935,062</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">8,972,996</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Utilities&nbsp;&#151;&nbsp;3.4%</B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">MDU Resources Group, Inc.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">211,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,724,290</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">National Fuel Gas Co.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">100,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">4,812,000</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">New Jersey Resources Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">280,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,479,600</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Northeast Utilities</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">37,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">1,373,440</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Questar Corp.</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">156,300</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">3,010,338</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR>
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">26,399,668</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total Stocks</B><BR>
      (Cost $406,946,482)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">727,513,723</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
  </TR>
</TABLE>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:ARIAL" SIZE="2"><B>SCHEDULE OF INVESTMENTS (<SMALL>CONTINUED</SMALL>) </B></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #3c5e51">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:-6px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>March 31, 2012 </I></FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT STYLE="font-family:Times New Roman" SIZE="2"><I>(unaudited) </I></FONT></P>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE">
  <TR>
    <TD WIDTH="57%"></TD>
    <TD VALIGN="bottom" WIDTH="6%"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
    <TD VALIGN="bottom" WIDTH="7%"></TD>
    <TD></TD>
    <TD></TD>
    <TD></TD>
  </TR>
  <TR>
    <TD VALIGN="bottom">&nbsp;<FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Principal/</B></FONT><br>
      <FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Shares</B></FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1px solid #000000"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Value (A)</B></FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#3c5e51"><B>Short-Term Investments&nbsp;&#151;&nbsp;4.7%</B></FONT></P></TD>
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#3c5e51"><B>&nbsp;&nbsp;</B></FONT></P></TD>
  </TR>
  <TR>
    <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Money Market Account&nbsp;&#151;&nbsp;1.9%</B></FONT></P></TD>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">M&amp;T Bank, 0.25%</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15,009,268</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">15,009,268</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Money Market Funds&nbsp;&#151;&nbsp;0.0%</B></FONT></P></TD>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Fidelity Institutional Money Market - Government Portfolio, 0.01% (D)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">RBC U.S. Government Money Market&nbsp;(Institutional&nbsp;Class&nbsp;I), 0.01% (D)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Vanguard Federal Money Market, 0.01% (D)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Western Asset Institutional Government Reserves (Institutional&nbsp;Class),&nbsp;0.05%&nbsp;(D)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">10,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">40,000</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Time Deposits&nbsp;&#151;&nbsp;2.8%</B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Brown Brothers Harriman &amp; Co. (Grand Cayman), 0.03%, due&nbsp;4/2/12</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21,151,817</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">21,151,817</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total Short-Term Investments<BR>
    </B>(Cost $36,201,085)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">36,201,085</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#3c5e51"><B>Securities Lending Collateral&nbsp;&#151;&nbsp;1.6%</B></FONT></P></TD>
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1" COLOR="#3c5e51"><B>&nbsp;&nbsp;</B></FONT></P></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">(Cost $12,282,505)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
  </TR>
  <TR>
    <TD VALIGN="top" COLSPAN="8"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Money Market Funds&nbsp;&#151;&nbsp;1.6%</B></FONT></P></TD>
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>&nbsp;&nbsp;</B></FONT></P></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:3.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Invesco Short-Term Investment Trust - Liquid Assets Portfolio (Institutional Class), 0.16%&nbsp;(D)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,282,505</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">12,282,505</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Total Investments&nbsp;&#151;&nbsp;101.2%<BR>
    </B>(Cost $455,430,072)</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">775,997,313</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR BGCOLOR="#cceeff">
    <TD VALIGN="top"><P STYLE="margin-left:2.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1">Cash,&nbsp;receivables, prepaid expenses and other&nbsp;assets,&nbsp;less liabilities&nbsp;&#151;&nbsp;(1.2)%</FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">(8,977,779</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">)&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:1px solid #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD VALIGN="top"><P STYLE="margin-left:1.00em; text-indent:-1.00em"><FONT STYLE="font-family:Times New Roman" SIZE="1"><B>Net Assets&nbsp;&#151;&nbsp;100.0%</B></FONT></P></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
    <TD VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">$</FONT></TD>
    <TD VALIGN="bottom" ALIGN="right"><FONT STYLE="font-family:Times New Roman" SIZE="1">767,019,534</FONT></TD>
    <TD NOWRAP VALIGN="bottom"><FONT STYLE="font-family:Times New Roman" SIZE="1">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR STYLE="font-size:1px">
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom"></TD>
    <TD VALIGN="bottom">&nbsp;</TD>
    <TD VALIGN="bottom"><P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
    <TD VALIGN="bottom"><P STYLE="border-top:3px double #000000">&nbsp;</P></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<P STYLE="line-height:2px;margin-top:0px;margin-bottom:2px;border-bottom:2pt solid #000000">&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT STYLE="font-family:Times New Roman" SIZE="1">Notes: </FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
    <TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(A)</FONT></TD>
    <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Securities are listed on the New York Stock Exchange or the NASDAQ and are valued at the last reported sale price on the day of valuation. </FONT></TD>
  </TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
    <TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(B)</FONT></TD>
    <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">A portion of shares held are on loan. </FONT></TD>
  </TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
    <TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(C)</FONT></TD>
    <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Presently non-dividend paying. </FONT></TD>
  </TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
    <TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(D)</FONT></TD>
    <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">Rate presented is as of period-end and represents the annualized yield earned over the previous seven days. </FONT></TD>
  </TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
    <TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(E)</FONT></TD>
    <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">All or a portion of this security is pledged to cover open written call option contracts. Aggregate market value of such pledged securities is $36,219,692. </FONT></TD>
  </TR>
</TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
  <TR>
    <TD WIDTH="3%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman" SIZE="1">(F)</FONT></TD>
    <TD ALIGN="left" VALIGN="top"><FONT STYLE="font-family:Times New Roman" SIZE="1">All or a portion of this security is pledged to collateralize open written put option contracts with an aggregate market value to deliver upon exercise of $46,437,500. </FONT></TD>
  </TR>
</TABLE>
<p STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1"><em>See accompanying notes.</em></FONT></P>
<center>
  <P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:1pt solid #3c5e51;width:13%">&nbsp;</P>
</center>
<P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
<P STYLE="margin-top:0px;margin-bottom:0px">&nbsp;</P>
<p style="margin-top:0px;margin-bottom:0px" align="center"><font face="ARIAL" size="2"><b>SCHEDULE OF OUTSTANDING WRITTEN OPTION CONTRACTS </b></font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p> <p style="line-height:0px;margin-top:0px;margin-bottom:2px;border-bottom:0.5pt solid #3c5e51">&nbsp;</p> <p style="margin-top:0px;margin-bottom:-6px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font face="Times New Roman" size="2"><i>March 31, 2012</i></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font face="Times New Roman" size="2"><i>(unaudited)
</i></font></p> <p style="margin-top:0px;margin-bottom:-6px"><font size="1">&nbsp;</font></p> <p style="margin-top:0px;margin-bottom:0px"><font size="1">&nbsp;</font></p>
<table cellspacing="0" cellpadding="0" width="100%" border="0">

<tr>
<td></td>
<td valign="bottom" width="7%"></td>
<td width="58%"></td>
<td valign="bottom" width="5%"></td>
<td></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td valign="bottom" width="7%"></td>
<td></td>
<td></td></tr>
<tr>
<td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"> <p style="margin-top:0px;margin-bottom:0px" align="center"><font face="Times New Roman" size="1"><b>Contracts</b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font face="Times New Roman" size="1"><b>(100&nbsp;shares</b></font></p> <p style="margin-top:0px;margin-bottom:1px" align="center"><font face="Times New Roman" size="1"><b>each)</b></font></p></td>
<td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"><font face="Times New Roman" size="1"><b>Security</b></font></td>
<td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;&nbsp;</font></td>
<td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><font face="Times New Roman" size="1"><b>Strike<br>Price</b></font></p></td>
<td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom" align="center" style="BORDER-BOTTOM:1px solid #000000"> <p style="margin-top:0px;margin-bottom:0px" align="center"><font face="Times New Roman" size="1"><b>Contract</b></font></p> <p style="margin-top:0px;margin-bottom:0px" align="center"><font face="Times New Roman" size="1"><b>Expiration</b></font></p> <p style="margin-top:0px;margin-bottom:1px" align="center"><font face="Times New Roman" size="1"><b>Date</b></font></p></td>
<td valign="bottom" style="BORDER-BOTTOM:1px solid #000000"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom" colspan="2" align="center" style="BORDER-BOTTOM:1px solid #000000"> <p style="margin-top:0px;margin-bottom:1px" align="center"><font face="Times New Roman" size="1"><b>Value</b></font></p></td></tr>
<tr>
<td height="13" colspan="11"></td></tr>
<tr>
  <td valign="top" colspan="11" align="center"><font face="Times New Roman" size="2"><b>COVERED CALLS</b></font></td></tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">69</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Air Products and Chemicals, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">95</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">Jun 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font size="2" face="Times New Roman">$</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">13,110</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">150</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Anadarko Petroleum Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">95</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">1,350</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">150</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Anadarko Petroleum Corp</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,250</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">400</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Baker Hughes, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">52.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">2,800</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">200</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">CF Industries Holdings, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">210</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">215</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Chevron Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">125</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">2,150</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">256</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Cliffs Natural Resources Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">87.50</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">2,816</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">256</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Cliffs Natural Resources Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">95</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jul 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">9,984</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Exxon Mobil Corp.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">95</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Jul 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">8,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">200</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">FMC Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">148,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">National Oilwell Varco, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">90</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">9,750</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Oasis Petroleum, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">35</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">13,750</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Oasis Petroleum, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">35</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Aug 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">42,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Noble Energy, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">37,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">280</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Noble Energy, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">110</font></td>

  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">15,400</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">240</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Potash Corporation of Saskatchewan Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">52.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">14,160</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">150</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Praxair, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">115</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">21,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Royal Dutch Shell plc (Class A) ADR</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">75</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">3,750</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Royal Dutch Shell plc (Class A) ADR</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">80</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Jul 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">7,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Transocean Ltd.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">62.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">31,000</font></td>
</tr>
<tr style="font-size:1px">
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td></tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">4,816</font></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"><font face="Times New Roman" size="2"></font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">428,770</font></td></tr>
<tr style="font-size:1px">
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
</tr>
<tr>
  <td valign="top" align="right">&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom" align="right">&nbsp;</td>
</tr>

<tr>
  <td height="13" colspan="11"></td></tr>
<tr>
<td valign="top" colspan="11" align="center"><font face="Times New Roman" size="2"><b>COLLATERALIZED PUTS</b></font></td></tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">350</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">Alpha Natural Resources, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">122,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Anadarko Petroleum Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">70</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">22,250</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Apache Corp.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">97.50</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">14,400</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Apache Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">97.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May  12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">28,900</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">25</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font size="2" face="Times New Roman">CF Industries Holdings, Inc.</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">125</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">650</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">6</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">CF Industries Holdings, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">140</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">444</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">200</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">CF Industries Holdings, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">165</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">78,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">200</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">CF Industries Holdings, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">170</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">106,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">256</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Cliffs Natural Resources Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">50</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">1,536</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">128</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Cliffs Natural Resources Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">55</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jul 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">21,120</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">EOG Resources, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">110</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,600</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">100</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">EOG Resources, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">115</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">55,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Exxon Mobil Corp.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">65</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">Jul 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">FMC Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">85</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jul 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">50,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Hess Corp.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">55</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">29,750</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">LyondellBasell Industries N.V.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">40</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">22,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">LyondellBasell Industries N.V.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">40</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">57,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">LyondellBasell Industries N.V.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">39.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">77,500</font></td>
</tr>
<tr bgcolor="#cceeff">
<td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"> <p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">Molycorp, Inc.</font></p></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
<td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">26</font></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"><font face="Times New Roman" size="2"></font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2">3,250</font></td></tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">125</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">Molycorp, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">28</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">11,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">Molycorp, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">26</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">30,250</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">National Oilwell Varco, Inc.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font size="2" face="Times New Roman">62.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May  12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">10,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font size="2" face="Times New Roman">Nabors Industries Ltd.</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">15</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">24,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Occidental Petroleum Corp.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">70</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">6,750</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">200</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Oil States International, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">70</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">Jun 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">51,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Pioneer Natural Resources Co.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">95</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jun 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">57,500</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">400</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Seadrill Ltd.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">34</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">6,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">400</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Seadrill Ltd.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">34</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Jul 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">50,000</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">48</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">Praxair, Inc.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">90</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">720</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">250</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font size="2" face="Times New Roman">Transocean Ltd.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">47.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">Apr 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">5,250</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td valign="top" align="right"><font face="Times New Roman" size="2">200</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Transocean Ltd.</font></p></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">42.50</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">May 12</font></td>
  <td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom"><font face="Times New Roman" size="2"></font></td>
  <td valign="bottom" align="right"><font face="Times New Roman" size="2">3,800</font></td>
</tr>
<tr bgcolor="#cceeff">
  <td align="right" valign="top" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">500</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><p style="margin-top:0px;margin-bottom:1px"><font face="Times New Roman" size="2">Schlumberger Ltd.</font></p></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">57.50</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">May 12</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
  <td valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2"></font></td>
  <td align="right" valign="bottom" bgcolor="#FFFFFF"><font face="Times New Roman" size="2">17,500</font></td>
</tr>

<tr style="font-size:1px">
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td></tr>
<tr>
<td valign="top" align="right"><font face="Times New Roman" size="2">8,188</font></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;</font></td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom"></td>
<td valign="bottom"><font size="1">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td valign="bottom">&nbsp;</td>
<td valign="bottom" align="right"><font size="2" face="Times New Roman">998,170</font></td></tr>
<tr style="font-size:1px">
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
  <td valign="bottom" style="border-top:1px solid #000000">&nbsp;</td>
</tr>
<tr>
  <td valign="top" align="right">&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom" align="right">&nbsp;</td>
</tr>
<tr>
  <td valign="top" align="right">&nbsp;</td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"><font face="Times New Roman" size="2">Total Option Liability (Unrealized Gain of $967,589 on $2,394,529 Premiums Received)</font></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"></td>
  <td valign="bottom">&nbsp;</td>
  <td valign="bottom"><font face="Times New Roman" size="2">$</font></td>
  <td valign="bottom" align="right"><font size="2" face="Times New Roman">1,426,940</font></td>
</tr>

<tr style="font-size:1px">
<td valign="bottom"></td>
<td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="bottom"></td>
<td valign="bottom">&nbsp;&nbsp;</td>
<td valign="bottom"></td>
<td valign="bottom"></td>
<td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="bottom"></td>
<td valign="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</td>
<td valign="bottom" style="border-top:3px double #000000">&nbsp;</td>
<td valign="bottom" style="border-top:3px double #000000">&nbsp;</td></tr></table>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px>&nbsp;</P>
<P STYLE="line-height:0px;margin-top:0px;margin-bottom:2px>&nbsp;</P>
<P STYLE="margin-top:0px;margin-bottom:0px"><font size="1"><em>See accompanying notes.</em></font></P>
<center>
</center>
<p><FONT size=4><strong>NOTES TO SCHEDULES OF INVESTMENTS AND OUTSTANDING WRITTEN OPTION CONTRACTS (Unaudited)</strong></FONT></p>
  <P><strong>--------------------------------------------------------------------------------</strong></P>
  <P><strong>1.  SIGNIFICANT ACCOUNTING POLICIES</strong></P>
<P>Petroleum &amp; Resources Corporation (the "Corporation") is registered under the Investment Company Act of 1940 as a non-diversified investment company. The Corporation is an internally-managed closed-end fund emphasizing petroleum and other natural resource investments.</P>

<P><strong>Security Transactions</strong> - Investment transactions are accounted for on the trade date. Gain or loss on sales of securities and options is determined on the basis of specific identification. </P>

<P><strong>Security Valuation</strong> - The Corporation's investments are reported at fair value as defined under accounting principles generally accepted in the United States of America.  Investments in securities traded on national security exchanges are valued at the last reported sale price on the day of valuation.  Over-the-counter and listed securities for which a sale price is not available are valued at the last quoted bid price. Short-term investments (excluding purchased options and money market funds) are valued at amortized cost, which approximates fair value.  Purchased and written options are valued at the last quoted bid and asked price, respectively. Money market funds are valued at net asset value on the day of valuation.</P>
<P>Various inputs are used to determine the fair value of the Corporation's investments.  These inputs are summarized as follows:</P>
<UL>

  <LI><strong>Level 1</strong> -- fair value is determined based on market  data obtained from independent sources; for example, quoted prices in active markets for identical investments,</LI>

  <LI><strong>Level 2</strong> -- fair value is determined using other assumptions obtained from independent sources; for example,  quoted prices for similar investments,</LI>

  <LI><strong>Level 3</strong> -- fair value is determined using the Corporation's own assumptions, developed based on the best information available in the circumstances.</LI>
</UL>
<P>The Corporation's investments at March 31, 2012  were classified as follows:</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=1 WIDTH=888>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">

      <P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Level 1</font></strong></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">

    <P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Level 2</font></strong></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">

    <P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Level 3</font></strong></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">

    <P ALIGN="CENTER" STYLE="border-bottom:1px solid #000000"><strong><font size="2">Total</font></strong></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Stocks</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$727,513,723</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">$727,513,723</font></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Short-term investments</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">15,049,268</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">21,151,817</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT"><font size="2">36,201,085</font></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Securities lending collateral</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">12,282,505</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:1px solid #000000"><font size="2">12,282,505</font></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Total investments</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$754,845,496</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$21,151,817</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$775,997,313</font></TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
  </TR>
  <TR>
    <TD WIDTH="27%" VALIGN="TOP"><P><font size="2">Written options</font></TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$(1,426,940)</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$--</font></TD>
    <TD WIDTH="3%" VALIGN="TOP">&nbsp;</TD>
    <TD WIDTH="16%" VALIGN="TOP"><P ALIGN="RIGHT" STYLE="border-bottom:3px double #000000"><font size="2">$(1,426,940)</font></TD>
  </TR>
</TABLE>
<P>There were no transfers into or from Level 1 or Level 2 during the quarter ended March 31, 2012.</P>
<P><strong>2.  FEDERAL INCOME TAXES</strong></P>
<P>For federal income tax purposes, the identified cost of securities at March 31, 2012 was $455,430,072 and net unrealized appreciation aggregated $320,567,241, of which the related gross unrealized appreciation and depreciation were $339,771,411 and $(19,204,170), respectively.</P>
<P><strong>3.  INVESTMENT TRANSACTIONS</strong></P>
<P>The Corporation's investment decisions are made by a committee of management, and recommendations to that committee are made by the research staff. </P>
<P>The Corporation is subject to changes in the value of equity securities held (&quot;equity price risk&quot;) in the normal course of pursuing its investment objectives.  The Corporation may purchase and write option contracts to increase or decrease its equity price risk exposure or may write option contracts to generate additional income.  Option contracts generally entail risks associated with counterparty credit, illiquidity, and unfavorable equity price movements.  The Corporation has mitigated counterparty credit and illiquidity risks by trading its options through an exchange.  The risk of unfavorable equity price movements is limited for purchased options to the premium paid and for written options by writing only covered call or collateralized put option contracts, which require the Corporation to segregate certain securities or cash at its custodian when the option is written. </P>
<P>When the Corporation writes (purchases) an option, an amount equal to the premium received (paid) by the Corporation is recorded as a liability (asset) and is subsequently marked to market daily in the Statement of Assets and Liabilities, with any related change recorded as an unrealized gain or loss in the Statement of Operations.  Premiums received (paid) from unexercised options are treated as realized gains (losses) on the expiration date.  Upon the exercise of written put (purchased call) option contracts, premiums received (paid) are deducted from (added to) the cost basis of the underlying securities purchased.  Upon the exercise of written call (purchased put) option contracts, premiums received (paid) are added to (deducted from) the proceeds from the sale of underlying securities in determining whether there is a realized gain or loss.</P>
<P><strong>4.  PORTFOLIO SECURITIES LOANED</strong></P>
<P>The Corporation makes loans of securities to approved brokers to earn additional income.  It receives as collateral cash deposits, U.S. Government securities, or bank letters of credit valued at 102% of the value of the securities on loan. The market value of the loaned securities is calculated based upon the most recent closing prices and any additional required collateral is delivered to the Corporation on the next business day.  Cash deposits are placed in a registered money market fund. The Corporation accounts for securities lending transactions as secured financing and receives compensation in the form of fees or retains a portion of interest on the investment of any cash received as collateral. The Corporation also continues to receive interest or dividends on the securities loaned.  Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of the Corporation.  At March 31, 2012, the Corporation had  securities on loan of $11,903,614 and held cash collateral of $12,282,505.  The Corporation is indemnified by its lending agent for loss of loaned securities and has the right under the lending agreement to recover the securities from the borrower on demand.</P>
<P><strong>Item 2. Controls and Procedures.</strong></P>
<P>(a)  The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule
  30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of the disclosure controls and procedures as of a date within 90 days of the filing date of this report.</P>
<P>(b)  There have been no significant changes in the registrant's internal control over financial reporting (as defined in Rule
  30a-3(d) under the Investment Company Act of 1940 ) that occurred during the registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.</P>
<P><strong>Item 3. Exhibits.</strong></P>
<P>The certifications of the principal executive officer and principal financial officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as Form N-Q Certifications.</P>
<TABLE border=0 width=576 cellspacing=1 cellpadding=0>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2><div align="center"><FONT size=3><strong>SIGNATURES</strong></font></div></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto </FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>duly authorized.</FONT>&nbsp; </TD>
  </TR>
  <TR></TD>
    <FONT size=3></FONT>
      </TD>
  </TR>
  <TR>
    <TD colspan=2></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2><font size="3">Petroleum &amp; Resources Corporation</font></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>By:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3><u>/s/ Douglas G. Ober</u></FONT><u>&nbsp;</u></TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Douglas G. Ober</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Chairman and Chief Executive Officer</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>(Principal Executive Officer)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>Date:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><font size="3">April 20, 2012</font></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>of 1940, this report has been signed below by the following persons on behalf of the registrant and in the</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=99% nowrap colspan=2 align=left><FONT size=3>capacities and on the dates indicated.</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>By:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3><u>/s/ Douglas G. Ober</u></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Douglas G. Ober</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Chairman and Chief Executive Officer</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>(Principal Executive Officer)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>Date:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3>April 20, 2012</FONT></TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>By:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3><u>/s/ Brian S. Hook</u></FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Brian S. Hook</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>Chief Financial Officer and Treasurer</FONT>&nbsp; </TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left>&nbsp;</TD>
    <TD width=93% nowrap align=left><FONT size=3>(Principal Financial Officer)</FONT>&nbsp; </TD>
  </TR>
  <TR>
    <TD colspan=2>&nbsp;</TD>
  </TR>
  <TR valign="bottom">
    <TD width=6% nowrap align=left><FONT size=3>Date:</FONT>&nbsp; </TD>
    <TD width=93% nowrap align=left><FONT size=3>April 20, 2012</FONT></TD>
  </TR>
</TABLE>
<p Style='page-break-before:always'>
<TR>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>peonqcert03312012.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>PETROLEUM &amp; RESOURCES CORPORATION - FORM N-Q CERTIFICATION - MARCH 31, 2012</TITLE>
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<B><U><FONT SIZE=4><P ALIGN="CENTER"><u>CERTIFICATIONS</u>  <FONT SIZE=2></FONT></P>
</B><FONT SIZE=2><P>I, Douglas G. Ober, certify that: </P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=669>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>1.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<P><font size="2">I have reviewed this report on Form N-Q of Petroleum &amp; Resources Corporation;</font></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>2.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>3.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>4.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(c)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(d)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD WIDTH="8%" VALIGN="TOP">
<FONT SIZE=2><P>5.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD>
</TR>
<TR>
  <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
  <TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=3>
  <P><font size="2">Date: April 20, 2012</font></P>  <FONT SIZE=2>&nbsp;</FONT></TD>
  <TD WIDTH="16%" VALIGN="TOP">
  <P>&nbsp;</P></TD>
  <TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><u>/s/ Douglas G. Ober</u><BR>
Douglas G. Ober<BR>
Chairman and Chief Executive Officer<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
</TABLE>

<P></P>
<P></P>
<P></P>
<P></P>
<P></P>
<FONT SIZE=2><P>I, Brian S. Hook, certify that:</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=669>
<TR><TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>1.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<P><font size="2">I have reviewed this report on Form N-Q of Petroleum &amp; Resources Corporation;</font></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>2.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>3.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;</FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>4.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: </FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(c)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(d)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and</FONT></TD>
</TR>
<TR><TD WIDTH="9%" VALIGN="TOP">
<FONT SIZE=2><P>5.</FONT></TD>
<TD VALIGN="TOP" COLSPAN=4>
<FONT SIZE=2><P>The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT"> (a)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and</FONT></TD>
</TR>
<TR><TD VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="RIGHT">(b)</FONT></TD>
<TD VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.</FONT></TD>
</TR>
<TR>
  <TD VALIGN="TOP" COLSPAN=2>&nbsp;</TD>
  <TD VALIGN="TOP" COLSPAN=3>&nbsp;</TD>
</TR>
<TR>
  <TD VALIGN="TOP" COLSPAN=3><P><font size="2">Date: April 20, 2012</font></P>
    <FONT SIZE=2>&nbsp;</FONT></TD>
  <TD WIDTH="17%" VALIGN="TOP"><P>&nbsp;</P></TD>
  <TD WIDTH="54%" VALIGN="TOP"><FONT SIZE=2><u>/s/ Brian S. Hook</u><BR>
Brian S. Hook<BR>
Chief Financial Officer and Treasurer<BR>
(Principal Financial Officer)</FONT></TD>
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