<SUBMISSION>
<ACCESSION-NUMBER>0001299933-08-005290
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081110
<ITEMS>2.02
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20081110
<DATE-OF-FILING-DATE-CHANGE>20081110
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>AVATAR HOLDINGS INC
<CIK>0000039677
<ASSIGNED-SIC>1531
<IRS-NUMBER>231739078
<STATE-OF-INCORPORATION>DE
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-07395
<FILM-NUMBER>081175668
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>201 ALHAMBRA CIRCLE
<CITY>CORAL GABLES
<STATE>FL
<ZIP>33134
<PHONE>3054427000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>201 ALHAMBRA CIRCLE
<CITY>CORAL GABLES
<STATE>FL
<ZIP>33134
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GAC CORP /DE/
<DATE-CHANGED>19801023
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>GENERAL ACCEPTANCE CORP
<DATE-CHANGED>19710208
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_29907.htm
<DESCRIPTION>LIVE FILING
<TEXT>
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<TITLE> Avatar Holdings Inc. (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	November 10, 2008
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	Avatar Holdings Inc.
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	&nbsp;
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	Delaware
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	001-07395
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	231739078
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	201 Alhambra Circle, Coral Gables, Florida
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	33134
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	1-305-442-7000
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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<!-- CoverPageRegistrant END --><P><FONT SIZE="2">
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
</P>
<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 2.02 Results of Operations and Financial Condition.
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On November 10, 2008, Avatar Holdings Inc. issued a press release announcing its results for the three months ended September 30, 2008.  A copy of that press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.<br><br>
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	Item 7.01 Regulation FD Disclosure.
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The information furnished pursuant to Item 2.02, "Results of Operations and Financial Condition", is incorporated herein by reference.
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	Item 9.01 Financial Statements and Exhibits.
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(c)  Exhibits<br><br>     99.1             Press Release dated November 10, 2008
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<BR><BR><BR><BR><P ALIGN="LEFT" STYLE="FONT-SIZE: 10PT">The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for the purposes of Section 18 of the Securities and Exchange Act of 1934, or otherwise subject to the liabilities of that Section.  The information in this report, including the exhibit hereto, shall not be incorporated by reference into any filing of the registrant with the SEC, whether made before or after the date hereof, regardless of any general incorporation language in such filings (unless the registrant specifically states that the information or exhibit in this particular report is incorporated by reference).</P><!-- PageBreak START -->
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	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	Avatar Holdings Inc.
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	&nbsp;&nbsp;
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<I>
	November 10, 2008
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	By:
</I>
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	&nbsp;
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<I>
	Juanita I. Kerrigan
</I>
<BR>
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	&nbsp;
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	Name: Juanita I. Kerrigan
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	Title: Vice President and Secretary
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	Exhibit&nbsp;Index
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	Exhibit No.
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	99.1
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	&nbsp;
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<FONT SIZE="2">
Press Release Dated November 10, 2008
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<TYPE>EX-99.1
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<FILENAME>exhibit1.htm
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<BODY style="font-family: 'Times New Roman',Times,serif">


<P align="left" style="font-size: 10pt"><FONT style="font-size: 22pt"><B>AVATAR</B>
</FONT>

<P align="left" style="font-size: 22pt"><FONT style="font-size: 10pt"><U>FOR IMMEDIATE RELEASE</U>
<BR>
<B>Contact :</B>
<BR>
Avatar Holdings Inc.
<BR>
201 Alhambra Circle
<BR>
Coral Gables, FL 33134
<BR>
Juanita I. Kerrigan
<BR>
(305)&nbsp;442-7000
</FONT>

<P align="left" style="font-size: 10pt; text-indent: 5%"><FONT style="font-size: 12pt"><B>AVATAR REPORTS THIRD QUARTER RESULTS OF OPERATIONS</B>
</FONT>

<P align="left" style="font-size: 12pt; text-indent: 3%">Coral Gables, FL &#150; November&nbsp;10, 2008 &#150; Avatar Holdings Inc. (NASDAQ-AVTR) today reported a net
loss of $21,710,000 ($2.54 per share, diluted) for the three months ended September&nbsp;30, 2008,
which includes an impairment charge on the Poinciana Parkway of $16,772,000 (after-tax basis),
compared to net income of $3,084,000 ($0.35 per share, diluted) for the three months ended
September&nbsp;30, 2007.


<P align="left" style="font-size: 12pt; text-indent: 3%">Avatar reported a net loss of $28,806,000 ($3.37 per share, diluted) for the nine months ended
September&nbsp;30, 2008, which includes an impairment charge on the Poinciana Parkway of $16,772,000
(after-tax basis), compared to net income of $19,463,000 ($1.98 per share, diluted) for the same
period in 2007.


<P align="left" style="font-size: 12pt; text-indent: 3%">During the three months ended September&nbsp;30, 2008, Avatar closed on 66 homes, a 56% decrease
from the 151 homes closed during the three months ended September&nbsp;30, 2007. Dollar volume
decreased by 55% to $18,190,000 compared to $40,252,000 for the three months ended September&nbsp;30,
2007.


<P align="left" style="font-size: 12pt; text-indent: 3%">During the nine months ended September&nbsp;30, 2008, Avatar closed on 201 homes, a 67% decrease
from the 603 homes closed during the comparable period of 2007. Dollar volume decreased by 72% to
$53,722,000, compared to $189,990,000 for the nine months ended September&nbsp;30, 2007.


<P align="left" style="font-size: 12pt; text-indent: 3%">The number of housing contracts signed, net of cancellations, during the three months ended
September&nbsp;30, 2008 decreased by 65% to 27, compared to 77 for the three months ended September


<P align="center" style="font-size: 10pt; display: none; text-indent: 3%">1
<!-- PAGEBREAK -->

<P align="left" style="font-size: 12pt">30, 2007. Dollar volume of contracts signed declined by 60% compared to the three months ended
September&nbsp;30, 2007, to $6,899,000 compared to $17,064,000.


<P align="left" style="font-size: 12pt; text-indent: 3%">The number of housing contracts signed, net of cancellations, for the nine months ended
September&nbsp;30, 2008 declined by 58% to 146, compared to 346 for the nine months ended September&nbsp;30,
2007. The dollar volume of contracts signed declined by 55% compared to the nine months ended
September&nbsp;30, 2007, to $37,152,000 compared to $82,084,000.


<P align="left" style="font-size: 12pt; text-indent: 3%">Our sales results continue to reflect the weak market for new single-family and multi-family
residences in our markets. We do not anticipate a meaningful improvement in our markets in the
near term. Our focus remains on managing Avatar and its assets for the long-term benefit of our
shareholders. While the level and duration of the downturn cannot currently be predicted, we
anticipate that these conditions will continue to have an adverse effect on our earnings for the
balance of 2008 and into 2009.


<P align="left" style="font-size: 12pt; text-indent: 3%">Results for the nine months ended September&nbsp;30, 2008 include pre-tax income of $9,234,000 on
revenues of $9,729,000 from commercial, industrial and other land sales. For the nine months
ended September&nbsp;30, 2007, results included pre-tax income of $16,116,000 on revenues of $19,136,000
from commercial, industrial and other land sales.


<P align="left" style="font-size: 12pt; text-indent: 3%">At September&nbsp;30, 2008, Avatar had cash and cash equivalents of $156,992,000 and total
borrowings of $114,911,000, which included $114,800,000 of 4.50% Convertible Senior Notes due 2024.
Avatar&#146;s book value per share at September&nbsp;30, 2008 was $58.66 In October&nbsp;2008, Avatar
purchased $35,920,000 principal amount of its 4.50% Notes, at a price of approximately $28,112,000,
including accrued interest. At October&nbsp;31, 2008, Avatar had total borrowings of $78,991,000,
including $78,880,000 of 4.50% Notes and cash and cash equivalents of approximately $125,000,000.


<P align="center" style="font-size: 12pt"><FONT style="font-size: 9pt"># # #</FONT>




<P align="center" style="font-size: 10pt; display: none">2
<!-- PAGEBREAK -->




<P align="left" style="font-size: 9pt; text-indent: 3%">Avatar Holdings Inc. is primarily engaged in real estate operations in Florida and Arizona.
Its principal real estate operations are conducted at Poinciana, Solivita and Bellalago in central
Florida near Orlando, TerraLargo in Lakeland, Florida, and at Rio Rico, south of Tucson, Arizona.
Avatar&#146;s common shares trade on The Nasdaq Stock Market LLC under the symbol AVTR.


<P align="left" style="font-size: 9pt; text-indent: 3%">Certain statements discussed herein constitute &#147;forward-looking statements&#148; within the meaning
of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors that could cause the actual
results, performance or achievements of results to differ materially from any future results,
performance or achievements expressed or implied by such forward-looking statements. Such risks,
uncertainties and other important factors include, among others: international, national and local
market conditions and events such as the oversupply of existing homes caused by the number of
investor and speculator resale homes and foreclosed homes for sale in our communities and in the
geographic areas in which we develop and sell homes; tightening of the credit market and the
reduced availability and more stringent financing requirements of residential mortgage financing in
general and sub prime financing in particular; interest rates; mortgage rates; employment levels;
income levels; consumer confidence; the successful implementation of Avatar&#146;s business strategy;
shifts in demographic trends affecting demand for active adult and primary housing; the level of
immigration and in-migration into the areas in which we conduct real estate activities; the level
of competition in geographic areas in which we do business; Avatar&#146;s access to financing; changes
in, or the failure or inability to comply with, government regulations; and other factors as are
described in Avatar&#146;s filings with the Securities and Exchange Commission, including its Annual
Report on Form 10-K for the fiscal year ended December&nbsp;31, 2007. Active adult homes are intended
for occupancy by at least one person 55&nbsp;years or older.


<P align="center" style="font-size: 9pt"># # #


























<P align="center" style="font-size: 10pt; display: none">3
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<P align="center" style="font-size: 9pt"><FONT style="font-size: 12pt"><U><B>SELECTED FINANCIAL DATA FOR THE NINE MONTHS AND THREE MONTHS ENDED </B></U><BR>
<U><B>SEPTEMBER 30, 2008 AND 2007</B></U></FONT><BR>
<FONT style="font-size: 11pt">(<I>Unaudited &#150; Dollars in thousands except per share data</I>)</FONT>



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<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Nine Months</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>Three Months</B></TD>
</TR>
<TR style="font-size: 11.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Revenues</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">77,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">231,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">22,359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">57,455</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(47,413</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">31,387</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(35,933</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">6,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Income Tax Benefit (Expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(11,924</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3,470</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(28,806</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">19,463</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(21,710</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,084&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,084</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Basic EPS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3.37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.37&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Diluted EPS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(3.37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(2.54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.35&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11.5pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><FONT style="font-size: 12pt"> Selected Balance Sheet Data</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt"><BR></FONT></TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt"><BR></FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 12pt"><BR></FONT></TD>
</TR>
<TR valign="bottom" style="font-size: 12pt">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-size: 11.5pt"> September&nbsp;30, 2008</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">December&nbsp;31, 2007</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 11.5pt" cellspacing="0" border="0" cellpadding="0" width="95%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">156,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">192,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">657,722</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">706,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Total stockholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">501,589</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">527,703</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="font-size: 11.5pt">
    <TD><DIV style="margin-left:10px; text-indent:-10px">Book Value per share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">58.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">61.90</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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