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<SEC-DOCUMENT>0001169232-07-003862.txt : 20071009
<SEC-HEADER>0001169232-07-003862.hdr.sgml : 20071008
<ACCEPTANCE-DATETIME>20071009070511
ACCESSION NUMBER:		0001169232-07-003862
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071009
DATE AS OF CHANGE:		20071009
EFFECTIVENESS DATE:		20071009

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NAIC GROWTH FUND INC
		CENTRAL INDEX KEY:			0000850027
		IRS NUMBER:				311274796
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05807
		FILM NUMBER:		071160835

	BUSINESS ADDRESS:	
		STREET 1:		711 WEST THIRTEEN MILE RD
		CITY:			MADISON HEIGHTS
		STATE:			MI
		ZIP:			48071
		BUSINESS PHONE:		8105836242

	MAIL ADDRESS:	
		STREET 1:		711 WEST THIRTEEN MILE RD
		CITY:			MADISON HEIGHTS
		STATE:			MI
		ZIP:			48071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BETTER INVESTING FUND INC
		DATE OF NAME CHANGE:	19890716
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d72460_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body>
        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr>
                <td colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr>
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">Omb
                Approval</font></td>
            </tr>

            <tr>
                <td colspan="2">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;</font> </td>
            </tr>

            <tr>
                <td width="80%">&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">Omb Number:</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">3235-0578</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">Expires:</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">May 31, 2007</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">Estimated<br>
                average burden<br>
                hours per<br>
                response: 21.09</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td>&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">United States<br>
                &nbsp;Securities and Exchange Commission<br>
                Washington, D.C. 20549</font> </td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">Form N-Q</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">Quarterly Schedule of Portfolio
                Holdings of Registered<br>
                Management Investment Company</font> </td>
            </tr>

            <tr>
                <td colspan="2">
                    <hr align="center" width="300" noshade size="1">
                </td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">Investment Company Act file
                number: 811-05807</font></td>
            </tr>

            <tr>
                <td colspan="2">
                    <hr align="center" width="300" noshade size="1">
                </td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">NAIC Growth Fund,
                Inc.</font></td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">(Exact name of registrant as
                specified in charter)</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">711 West 13 Mile Road, Madison
                Heights, MI 48071</font></td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">(Address of principal executive
                offices) (zip code)</font></td>
            </tr>

            <tr>
                <td colspan="2">
                    <hr align="center" width="300" noshade size="1">
                </td>
            </tr>

            <tr align="center">
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">&nbsp;Luke E.
                Sims, President</font></td>
            </tr>

            <tr align="center">
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">&nbsp;NAIC
                Growth Fund, Inc.</font></td>
            </tr>

            <tr align="center">
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">&nbsp;711 W. 13
                Mile Road</font></td>
            </tr>

            <tr align="center">
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">&nbsp;Madison
                Heights, MI 48071</font></td>
            </tr>

            <tr align="center">
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">&nbsp;(414)
                765-1107</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">(Name and address of agent for
                service)</font></td>
            </tr>

            <tr>
                <td colspan="2">
                    <hr align="center" width="300" noshade size="1">
                </td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">Registrant&rsquo;s telephone
                number, including area code:</font></td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">(414) 765-1107</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">Date of fiscal year end:
                December 31, 2007</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">Date of reporting period:
                September 30, 2007</font></td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr valign="top">
                <td width="600">
                    <br>


                    <p align="center"><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">Page
                    1</font></p>
                    <hr color="gray" noshade size="5">
                </td>
            </tr>
        </table>

        <p style="PAGE-BREAK-AFTER: always"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr>
                <td><font face="Times New Roman, Times, Serif" size="2">ITEM 1.
                &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SCHEDULE OF INVESTMENTS</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>
            </tr>

            <tr>
                <td><font face="Times New Roman, Times, Serif" size="2">NAIC Growth Fund, Inc.<br>
                Portfolio of Investments (as of September 30, 2007) (unaudited)</font> </td>
            </tr>

            <tr>
                <td>&nbsp;</td>
            </tr>

            <tr>
                <td><font face="Times New Roman, Times, Serif" size="2">COMMMON STOCK (93.3% OF
                TOTAL INVESTMENTS)</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="center" colspan="2">
                <strong><font face="Times New Roman, Times, serif" size="1">Shares</font></strong></td>

                <td align="right">&nbsp;</td>

                <td align="center" colspan="2">
                <strong><font face="Times New Roman, Times, serif" size="1">Cost</font></strong></td>

                <td align="right">&nbsp;</td>

                <td align="center" colspan="2">
                <strong><font face="Times New Roman, Times, serif" size="1">Market
                Value</font></strong></td>

                <td align="left">&nbsp;</td>

                <td align="center" colspan="2">
                <strong><font face="Times New Roman, Times, serif" size="1">% Total
                Inv.</font></strong></td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left">&nbsp;</td>

                <td align="left" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="right">&nbsp;</td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="right">&nbsp;</td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left">&nbsp;</td>

                <td align="center" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left">
                <font face="Times New Roman, Times, Serif" size="2">FOOD/BEVERAGE/CONSUMER</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">&nbsp;</td>

                <td align="center">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13"><font size="1">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                <font face="Times New Roman, Times, Serif" size="2">Colgate-Palmolive
                Co.</font></td>

                <td align="left" width="1%">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;</font> </td>

                <td align="right" width="10%">
                <font face="Times New Roman, Times, Serif" size="2">16,000</font></td>

                <td align="right" width="3%">&nbsp;</td>

                <td align="right" width="1%">
                <font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td align="right" width="10%">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;469,850</font></td>

                <td align="right" width="3%">&nbsp;</td>

                <td align="right" width="1%">
                <font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td align="right" width="10%">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;1,141,120</font></td>

                <td align="left" width="3%">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;</font> </td>

                <td align="center" width="1%">
                </td>

                <td align="center" width="10%">
                </td>

                <td align="left" width="1%">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;</font> </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">PepsiCo,
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">17,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">433,218</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">1,245,420</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">2,386,540</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">(8.7%)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">DRUG/MEDICAL
                DEVICE</font></td>

                <td align="left">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13"><font size="1">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Abbott
                Laboratories</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">20,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">860,150</font></td>

                <td align="right">&nbsp;</td>

                <td align="right"><font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;1,072,400</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Johnson &amp;
                Johnson</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">20,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">915,045</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">1,314,000</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Medtronic
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">17,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">850,214</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">958,970</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Pfizer
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">28,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">606,755</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">684,040</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Stryker
                Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">22,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">180,012</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">1,512,720</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Zimmer
                Holdings Inc.*</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">1,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">81,859</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">80,990</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr>
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">5,623,120</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">(20.5%)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left">
                <font face="Times New Roman, Times, serif" size="2">BANK/FINANCIAL/INSURANCE</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13"><font size="1">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">AFLAC
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">20,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">143,906</font></td>

                <td align="right">&nbsp;</td>

                <td align="right"><font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;1,140,800</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">CIT Group
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">10,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">392,785</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">402,000</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Citigroup
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">22,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">368,636</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">1,026,740</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Huntington
                Banc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">25,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">238,023</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">424,500</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Jack Henry
                &amp; Assoc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">34,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">626,877</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">879,240</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">JP Morgan
                Chase &amp; Co</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">15,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">396,347</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">687,300</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Marshall &amp;
                Ilsley Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">5,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">211,025</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">218,850</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">State Street
                Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">16,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">436,700</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">1,090,560</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Synovus
                Financial Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">27,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">317,651</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">757,350</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">U. S.
                Bancorp</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">15,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">465,675</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">487,950</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, Serif" size="2">Washington
                Mutual Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">15,000</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">609,130</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, Serif" size="2">529,650</font></td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                </td>

                <td align="center">
                </td>

                <td align="left"><font face="Times New Roman, Times, Serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left">
                <font face="Times New Roman, Times, serif" size="2">&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;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">7,644,940</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">(27.9%)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">MUTUAL FUND
                MANAGERS</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Eaton Vance
                Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">14,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">549,007</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;559,440</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                <font face="Times New Roman, Times, serif" size="2">&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;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">559,440</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">(2.0%)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left">
                <font face="Times New Roman, Times, serif" size="2">INDUSTRIAL</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Avery Dennison
                Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">12,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">666,064</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;684,240</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Emerson
                Electric Co.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">20,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">335,278</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">1,064,400</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">General
                Electric Co.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">24,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">441,341</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">993,600</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Graco
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">25,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">987,169</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">977,750</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Sigma-Aldrich
                Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">14,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">213,318</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">682,360</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Teleflex
                Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">16,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">545,608</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">1,246,720</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left">
                <font face="Times New Roman, Times, serif" size="2">&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;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">5,649,070</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">(20.6%)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left">
                <font face="Times New Roman, Times, serif" size="2">RETAIL/DISTRIBUTION</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">The Home
                Depot, Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">36,500</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">1,432,696</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;1,184,060</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Lowe&rsquo;s
                Companies Inc.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">15,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">470,213</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">420,300</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">O&rsquo;Reilly
                Automotive*</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">30,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">189,637</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">1,002,300</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">Sysco
                Corp.</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">32,000</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">507,179</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">1,138,880</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center" colspan="2">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">3,745,540</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">(13.6%)</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">TOTAL COMMON
                STOCK INVESTMENTS</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">14,941,366</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">25,608,650</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">SHORT-TERM INVESTMENTS (6.7% OF
                TOTAL INVESTMENTS)</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="left">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S.
                Treasury bills</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">990,990</font></td>

                <td align="left">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&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;(maturing
                12/27/2007)</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="left">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous
                cash-equivalents</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">844,908</font></td>

                <td align="left">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL
                SHORT-TERM INVESTMENTS</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">1,835,898</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">TOTAL INVESTMENTS</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">27,444,548</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="13">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;</font> </td>
            </tr>

            <tr valign="bottom" bgcolor="#eaf9e8">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">ALL OTHER NET ASSETS
                (LIABILITIES)</font></td>

                <td align="right">&nbsp;</td>

                <td align="right">&nbsp;</td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">(89,372</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">)</font></td>

                <td align="center">&nbsp;</td>

                <td align="center">&nbsp;</td>

                <td align="left">&nbsp;</td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>

            <tr valign="bottom">
                <td align="left" colspan="6">
                <font face="Times New Roman, Times, serif" size="2">TOTAL NET ASSETS</font></td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="right"><font face="Times New Roman, Times, serif" size="2">$</font></td>

                <td align="right">
                <font face="Times New Roman, Times, serif" size="2">27,355,176</font></td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="center">
                <font face="Times New Roman, Times, serif" size="2">&nbsp;</font> </td>

                <td align="left"><font face="Times New Roman, Times, serif" size="2">&nbsp;</font>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr>
                <td>&nbsp;</td>
            </tr>

            <tr>
                <td>
                    <hr align="left" width="150" noshade size="1">
                </td>
            </tr>

            <tr>
                <td><font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;&nbsp;</font>
                </td>
            </tr>

            <tr>
                <td><font face="Times New Roman, Times, Serif" size="2">*=Non-dividend paying
                security</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>
            </tr>

            <tr>
                <td><font face="Times New Roman, Times, Serif" size="2">footnote:</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>
            </tr>

            <tr>
                <td>
                    <div align="justify">
                        <font face="Times New Roman, Times, Serif" size="2">The following
                        information is based upon federal income tax cost of portfolio investments
                        as of September 30, 2007:</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td>&nbsp;</td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr bgcolor="#eaf9e8">
                <td valign="bottom"><font face="Times New Roman, Times, Serif" size="2">Gross
                unrealized appreciation</font></td>

                <td valign="bottom" align="right" width="1%">
                <font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td valign="bottom" align="right" width="15%">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;11,055,600</font></td>

                <td width="1%">&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom"><font face="Times New Roman, Times, Serif" size="2">Gross
                unrealized depreciation</font></td>

                <td valign="bottom">&nbsp;</td>

                <td valign="bottom" align="right">
                <font face="Times New Roman, Times, Serif" size="2">(388,316</font></td>

                <td valign="bottom" align="left">
                <font face="Times New Roman, Times, Serif" size="2">)</font></td>
            </tr>

            <tr>
                <td valign="bottom">&nbsp;</td>

                <td valign="bottom" align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td>&nbsp;</td>
            </tr>

            <tr bgcolor="#eaf9e8">
                <td valign="bottom">
                <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;Net
                unrealized appreciation</font></td>

                <td valign="bottom" align="right">
                <font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td valign="bottom" align="right">
                <font face="Times New Roman, Times, Serif" size="2">10,667,284</font></td>

                <td>&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom">&nbsp;</td>

                <td valign="bottom" align="right" colspan="2">
                    <hr noshade size="1">
                </td>

                <td>&nbsp;</td>
            </tr>

            <tr>
                <td valign="bottom" colspan="4">
                <font face="Times New Roman, Times, serif" size="1">&nbsp;&nbsp;</font> </td>
            </tr>

            <tr>
                <td valign="bottom"><font face="Times New Roman, Times, Serif" size="2">Federal
                income tax basis</font></td>

                <td valign="bottom" align="right">
                <font face="Times New Roman, Times, Serif" size="2">$</font></td>

                <td valign="bottom" align="right">
                <font face="Times New Roman, Times, Serif" size="2">14,941,366</font></td>

                <td>&nbsp;</td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr valign="top">
                <td width="600">
                    <br>


                    <p align="center"><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">Page
                    2</font></p>
                    <hr color="gray" noshade size="5">
                </td>
            </tr>
        </table>

        <p style="PAGE-BREAK-AFTER: always"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr valign="top">
                <td colspan="3"><font face="Times New Roman, Times, Serif" size="2">ITEM 2.
                CONTROLS AND PROCEDURES.</font></td>
            </tr>

            <tr valign="top">
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="top">
                <td colspan="3">
                    <p align="justify">
                    <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                    <font face="Times New Roman, Times, Serif" size="2">(i)&nbsp;&nbsp;As of
                    October 3, 2007, an evaluation of the effectiveness of the registrant&rsquo;s
                    disclosure controls and procedures (as defined in Rule 30a-3(c) under the
                    Investment Company Act of 1940) was performed under the supervision and with
                    the participation of the registrant&rsquo;s President (who is the principal
                    executive officer and the principal financial officer of the registrant). Based
                    on that evaluation, the registrant&rsquo;s President concluded that the
                    registrant&rsquo;s controls and procedures are effectively designed to ensure
                    that information required to be disclosed by the registrant has been recorded,
                    processed, summarized and reported within the time periods required by the
                    Commission&rsquo;s rules and forms, and that information required to be
                    disclosed by the registrant has been accumulated and communicated to the
                    registrant&rsquo;s management, including its principal executive officer and
                    principal financial officer, or persons performing similar functions as
                    appropriate, to allow timely decisions regarding required
                    disclosure.</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="top">
                <td colspan="3">
                    <p align="justify">
                    <font face="Times New Roman, Times, Serif" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
                    <font face="Times New Roman, Times, Serif" size="2">&nbsp;(ii) There has been
                    no change in the registrants&rsquo;s internal control over financial reporting
                    (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred
                    during the last fiscal quarter of the period covered by this report that has
                    materially affected, or is reasonably likely to materially affect, the
                    registrant&rsquo;s internal control over financial reporting.</font></p>
                </td>
            </tr>

            <tr valign="top">
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="top">
                <td colspan="3"><font face="Times New Roman, Times, Serif" size="2">ITEM 3.
                EXHIBITS</font></td>
            </tr>

            <tr valign="top">
                <td colspan="3">&nbsp;</td>
            </tr>

            <tr valign="top">
                <td valign="top" align="center" width="10%">
                <font face="Times New Roman, Times, Serif" size="2">99.1</font></td>

                <td width="3%">&nbsp;</td>

                <td>
                    <div align="justify">
                        <a href="d72460_ex99-cert.htm"><font face="Times New Roman, Times, Serif" size="2">
                        Certification of principal executive officer and principal &nbsp;financial
                        officer as required by Rule 30a-2(a) under the Act.</font></a>
                    </div>
                </td>
            </tr>
        </table>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr valign="top">
                <td width="600">
                    <br>


                    <p align="center"><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">Page
                    3</font></p>
                    <hr color="gray" noshade size="5">
                </td>
            </tr>
        </table>

        <p style="PAGE-BREAK-AFTER: always"></p>
        <PAGE><br>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr>
                <td align="center" colspan="2">
                <font face="Times New Roman, Times, Serif" size="2">SIGNATURES</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="2">
                    <div align="justify">
                        <font face="Times New Roman, Times, Serif" size="2">Pursuant to the
                        requirements of the Securities Exchange Act of 1934 and the Investment
                        Company Act of 1940, the registrant has duly caused this report to be
                        signed on behalf by the undersigned, thereunto duly authorized.</font>
                    </div>
                </td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">NAIC GROWTH
                FUND, INC.</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td><font face="Times New Roman, Times, Serif" size="2">By:</font></td>

                <td><font face="Times New Roman, Times, Serif" size="2">/s/ Luke E.
                Sims</font></td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td>
                    <hr align="left" width="180" noshade size="1">
                </td>
            </tr>

            <tr>
                <td>&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">&nbsp;Luke E.
                Sims</font></td>
            </tr>

            <tr>
                <td width="4%">&nbsp;</td>

                <td><font face="Times New Roman, Times, Serif" size="2">&nbsp;President</font></td>
            </tr>

            <tr>
                <td colspan="2">&nbsp;</td>
            </tr>

            <tr>
                <td colspan="2"><font face="Times New Roman, Times, Serif" size="2">Date: October
                3, 2007</font></td>
            </tr>
        </table>
        <br>
        <br>

        <table cellspacing="0" cellpadding="0" width="600" border="0">
            <tr valign="top">
                <td width="600">
                    <p><font face="Times New Roman, Times, Serif" size="2">Pursuant to the
                    requirements of the Securities Exchange Act of 1934 and the Investment Company
                    Act of 1940, this report has been signed below by the following person on
                    behalf of the registrant and in the capacities and on the date
                    indicated.</font></p></td></tr></table>

                    <table width="600" border="0">
                        <tr>
                            <td width="25"><font size="2">By</font></td>

                            <td width="565"><font size="2">/s/ Luke E. Sims</font></td>
                        </tr>

                        <tr>
                            <td>&nbsp;</td>

                            <td>
                                <hr align="left" width="180" noshade size="1">
                            </td>
                        </tr>

                        <tr>
                            <td>&nbsp;</td>

                            <td><font size="2">Luke E. Sims</font></td>
                        </tr>

                        <tr>
                            <td>&nbsp;</td>

                            <td><font face="Times New Roman, Times, Serif" size="2">President
                            (Principal Executive Officer and Principal Financial
                            Officer)</font></td>
                        </tr>
                    </table>

                    <table width="600" border="0">
                        <tr>
                            <td height="30"><font size="2">Date: October 3, 2007</font></td>
                        </tr>
                    </table>

                    <p>&nbsp;</p>

                    <p>&nbsp;</p>

                    <p><br>
                    </p>

                    <p align="center"><font face="TIMES NEW ROMAN, TIMES, SERIF" size="2">Page
                    4</font></p>
                    <hr color="gray" noshade size="5">

    </body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d72460_ex99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
  <TD align="right">&nbsp;</TD>
</TR>
<TR>
  <TD align="right"><FONT face="Times New Roman, Times, Serif" size=2>EXHIBIT 99.1</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
</TR>
<TR>
  <TD align="center"><FONT face="Times New Roman, Times, Serif" size=2>CERTIFICATION</FONT></TD>
</TR>
<TR>
  <TD>&nbsp;</TD>
</TR>
<TR>
<TD align="left">
<P align=left><FONT face="Times New Roman, Times, Serif" size=2>I, Luke E. Sims, certify that:</FONT></P>
<P><FONT face="Times New Roman, Times, Serif" size=2>1.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>I have reviewed this report on Form N-Q of NAIC Growth Fund, Inc.;</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>2.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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 statement made, in light of the circumstances under
which statements were made, not misleading with respect to the period covered by this report;</FONT></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>3.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>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></P>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>4.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>I am 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></P></TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
  to be designed under my supervision, to ensure that material information relating to the registrant,
  including its consolidated subsidiaries, is made known to me by others within those entities, particularly
  during the period in which this report is being prepared;</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Designed such internal control over financial reporting, or caused such internal control over financial
  reporting to be designed under my 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></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>(c)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented
  in this report my 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></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>(d)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Disclosed in this report any change in the registrant&#146;s internal control over financial reporting
  that occurred during the registrant&#146;s most recent fiscal quarter that has materially affected,
  or is reasonably likely to materially affect, the registrant&#146;s internal control over financial
  reporting; and</FONT></div></TD></TR></TABLE>
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<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
<TD vAlign=top></TD></TR></TABLE>
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<TR vAlign=top>
<TD width="600"><BR>
<P align=center><FONT face="TIMES NEW ROMAN, TIMES, SERIF" size=2></FONT></P>
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</TD></TR></TABLE>
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<TR>
<TD>
<P align=justify><FONT face="Times New Roman, Times, Serif" size=2>5.<FONT face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>I have disclosed to the registrant&#146;s auditors and the audit committee of the registrant&#146;s
board of directors (or persons performing the equivalent functions):</FONT></P></TD></TR>
<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR></TABLE>
<TABLE cellSpacing="0" cellPadding="0" width="600" border="0">

<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>(a)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>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&#146;s ability
  to record, process, summarize, and report financial information; and</FONT></div></TD></TR>
<TR>
<TD vAlign=top></TD>
<TD vAlign=top></TD>
<TD vAlign=top>&nbsp;</TD></TR>
<TR>
<TD vAlign=top width=48></TD>
<TD vAlign=top width=48><FONT face="Times New Roman, Times, Serif" size=2>(b)<FONT face="Times New Roman, Times, Serif" size=2></FONT></FONT></TD>
<TD vAlign=top><div align="justify"><FONT face="Times New Roman, Times, Serif" size=2><FONT face="Times New Roman, Times, Serif" size=2></FONT>Any fraud, whether or not material, that involves management or other employees who have a significant
  role in the registrant&#146;s internal control over financial reporting.</FONT></div></TD></TR></TABLE>
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<TR>
<TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>&nbsp;</FONT></TD></TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Date:&nbsp; October 3, 2007</FONT></TD>
</TR>
<TR>
  <TD vAlign=top><font size="1">&nbsp;&nbsp;&nbsp;</font></TD>
</TR>
<TR>
  <TD vAlign=top>&nbsp;</TD>
</TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>/s/ Luke E. Sims&nbsp;&nbsp;&nbsp; </FONT></TD>
</TR>
<TR>
  <TD vAlign=top><hr size="1" noshade align="left" width="120"></TD>
</TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>Luke E. Sims</FONT></TD>
</TR>
<TR>
  <TD vAlign=top><FONT face="Times New Roman, Times, Serif" size=2>President (principal executive officer and principal financial officer)</FONT></TD>
</TR>
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