Denali Asset Mgmnt June 06 ROR +1.77% MTD, +3.15% YTD
Megan Arias
megan@denalifunds.com
Wed, 26 Jul 2006 14:53:10 -0500
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Interested Investors:
Please see the chart below which shows June 2006 ending rates of return and
our ending assets under management for June ending and July beginning:
Jun-06
MTD
YTD
Ending AUM
Denali Partners, LP (feeder)
1.77%
3.15%
$89,544,490.00
Denali Offshore Partners, Ltd. (feeder)
1.77%
3.18%
$202,185,738.00
Denali Master Fund, LP
1.77%
3.15%
$329,445,118.00
Managed Account
$56,982,829.00
Net Additions/Redemptions for July 1, 2006
($37,837,137.47)
July 1, 2006 AUM
$348,590,809.53
Attached, please find our confirmed performance record for Denali Partners,
LP.
Feel free to contact me with any questions.
Kind regards,
Megan Arias
Director of Investor Services
Denali Asset Management, Ltd.
an affiliate of Denali Asset Management, LLLP
' (773) 685-1733
7 (773) 685-1734
* megan@denalifunds.com
DISCLAIMER: An investment with Denali Asset Management, LLLP. is risky and
only risk capital should be used. Past performance should not be viewed as
an indication of future results.
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<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Interested Investors:<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Please see the chart below which shows June 2006 =
ending
rates of return and our ending assets under management for June ending =
and July
beginning:<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
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<p class=3DMsoNormal><b><font size=3D2 face=3D"Times New Roman"><span
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<p class=3DMsoNormal><b><u><font size=3D2 face=3DArial><span =
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</td>
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<p class=3DMsoNormal><b><u><font size=3D2 face=3DArial><span =
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=
font-family:Arial;font-weight:bold'>YTD<o:p></o:p></span></font></u></b><=
/p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border:solid windowtext 1.0pt;
border-left:none;padding:0in 5.4pt 0in 5.4pt;height:12.4pt'
x:str=3D" Ending AUM ">
<p class=3DMsoNormal><b><u><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial;font-weight:bold'> Ending AUM =
<o:p></o:p></span></font></u></b></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
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height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Denali Partners, LP =
(feeder)<o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"1.77E-2">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>1.77%<o:p></o:p></span></fon=
t></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"3.15E-2">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>3.15%<o:p></o:p></span></fon=
t></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"89544490"
x:fmla=3D"=3D80491202+9053288">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>$89,544,490.00 =
<o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
style=3D'width:218.5pt;border:
solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;
height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Denali Offshore Partners, Ltd. =
(feeder)<o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"1.77E-2">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>1.77%<o:p></o:p></span></fon=
t></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' =
x:num=3D"3.1800000000000002E-2">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>3.18%<o:p></o:p></span></fon=
t></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"202185738"
x:fmla=3D"=3D163802262+38383476">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>$202,185,738.00 =
<o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
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style=3D'width:42.1pt;border-top:
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</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border-top:
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</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
style=3D'width:218.5pt;border:
solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;
height:12.4pt'>
<p class=3DMsoNormal><st1:place w:st=3D"on"><font size=3D2 =
face=3DArial><span
=
style=3D'font-size:10.0pt;font-family:Arial'>Denali</span></font></st1:pl=
ace><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> Master
Fund, LP<o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"1.77E-2">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>1.77%<o:p></o:p></span></fon=
t></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"3.15E-2">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>3.15%<o:p></o:p></span></fon=
t></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' x:num=3D"329445118"
x:fmla=3D"=3D281508354+47936764">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>$329,445,118.00 =
<o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
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</td>
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</td>
</tr>
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<td width=3D291 nowrap height=3D17 valign=3Dbottom =
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</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
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<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
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border-top:none;padding:0in 5.4pt 0in 5.4pt;height:12.4pt' =
x:num=3D"56982829">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>$56,982,829.00 =
<o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
style=3D'width:218.5pt;border:
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<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
style=3D'width:218.5pt;border:
solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;
height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Net Additions/Redemptions for July 1, =
2006<o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border:none;
border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in =
5.4pt;height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border:solid windowtext 1.0pt;
border-top:none;padding:0in 5.4pt 0in 5.4pt;height:12.4pt'
x:num=3D"-37837137.469999999">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
color=3Dred face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial;
color:red'>($37,837,137.47)</span></font><font size=3D2 =
face=3DArial><span
=
style=3D'font-size:10.0pt;font-family:Arial'><o:p></o:p></span></font></p=
>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D291 nowrap height=3D17 valign=3Dbottom =
style=3D'width:218.5pt;border:
solid windowtext 1.0pt;border-top:none;padding:0in 5.4pt 0in 5.4pt;
height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D17 valign=3Dbottom =
style=3D'width:42.1pt;border:none;
border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in =
5.4pt;height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border:solid windowtext 1.0pt;
border-top:none;padding:0in 5.4pt 0in 5.4pt;height:12.4pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'> <o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D17 style=3D'height:12.4pt'>
<td width=3D404 nowrap colspan=3D3 height=3D17 valign=3Dbottom =
style=3D'width:302.75pt;
border-top:none;border-left:solid windowtext 1.0pt;border-bottom:solid =
windowtext 1.0pt;
border-right:solid black 1.0pt;padding:0in 5.4pt 0in =
5.4pt;height:12.4pt'>
<p class=3DMsoNormal><b><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial;font-weight:bold'>July 1, 2006 =
AUM<o:p></o:p></span></font></b></p>
</td>
<td width=3D122 nowrap height=3D17 valign=3Dbottom =
style=3D'width:91.3pt;border-top:
none;border-left:none;border-bottom:solid windowtext =
1.0pt;border-right:solid windowtext 1.0pt;
padding:0in 5.4pt 0in 5.4pt;height:12.4pt' =
x:num=3D"348590809.52999997"
x:fmla=3D"=3DD6+D8+D10">
<p class=3DMsoNormal align=3Dright style=3D'text-align:right'><font =
size=3D2
face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'>$348,590,809.53 =
<o:p></o:p></span></font></p>
</td>
</tr>
<tr height=3D16 style=3D'height:11.75pt'>
<td width=3D291 nowrap height=3D16 valign=3Dbottom =
style=3D'width:218.5pt;padding:
0in 5.4pt 0in 5.4pt;height:11.75pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D16 valign=3Dbottom =
style=3D'width:42.1pt;padding:0in 5.4pt 0in 5.4pt;
height:11.75pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
</td>
<td width=3D56 nowrap height=3D16 valign=3Dbottom =
style=3D'width:42.1pt;padding:0in 5.4pt 0in 5.4pt;
height:11.75pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
</td>
<td width=3D122 nowrap height=3D16 valign=3Dbottom =
style=3D'width:91.3pt;padding:
0in 5.4pt 0in 5.4pt;height:11.75pt'>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
</td>
</tr>
</table>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Attached, please find our confirmed performance =
record for
Denali Partners, LP.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Feel free to contact me with any =
questions.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'>Kind regards,<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;
font-family:Arial'><o:p> </o:p></span></font></p>
<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'>Megan =
Arias</span></font><o:p></o:p></p>
<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'>Director of Investor =
Services<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'>Denali Asset Management, =
Ltd.<o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D3 face=3D"Arial Narrow"><span =
style=3D'font-size:
12.0pt;font-family:"Arial Narrow"'>an affiliate of Denali Asset =
Management,
LLLP</span></font><o:p></o:p></p>
<p class=3DMsoNormal><font size=3D4 color=3Dmaroon face=3D"Wingdings =
2"><span
style=3D'font-size:13.5pt;font-family:"Wingdings =
2";color:maroon'>'</span></font><font
face=3D"Arial Narrow"><span style=3D'font-family:"Arial =
Narrow"'>
<u1:phone o_x003a_ls=3D"trans" phonenumber=3D"$6685$$$"><u1:phone =
o_x003a_ls=3D"trans" phonenumber=3D"$6685$$$">(773)
<u1:phone o_x003a_ls=3D"trans" phonenumber=3D"$6685$$$"><u1:phone =
o_x003a_ls=3D"trans" =
phonenumber=3D"$6685$$$">685-1733</span></font></u1:phone></u1:phone></u1=
:phone></u1:phone><font
size=3D4 color=3Dmaroon face=3D"Wingdings 2"><span =
style=3D'font-size:13.5pt;
font-family:"Wingdings 2";color:maroon'> <o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D4 color=3Dgreen face=3D"Wingdings =
2"><span
style=3D'font-size:13.5pt;font-family:"Wingdings =
2";color:green'>7</span></font><font
size=3D2 color=3Dblack face=3D"Arial Narrow"><span =
style=3D'font-size:10.0pt;
font-family:"Arial =
Narrow";color:black'> &nbs=
p;
</span></font><font face=3D"Arial Narrow"><span =
style=3D'font-family:"Arial Narrow"'><u1:phone o_x003a_ls=3D"trans" =
phonenumber=3D"$6685$$$"><u1:phone o_x003a_ls=3D"trans" =
phonenumber=3D"$6685$$$">(773)
<u1:phone o_x003a_ls=3D"trans" phonenumber=3D"$6685$$$"><u1:phone =
o_x003a_ls=3D"trans" =
phonenumber=3D"$6685$$$">685-1734</span></font></u1:phone></u1:phone></u1=
:phone></u1:phone><font
size=3D4 color=3Dmaroon face=3D"Wingdings 2"><span =
style=3D'font-size:13.5pt;
font-family:"Wingdings 2";color:maroon'> </span></font><font size=3D2
color=3Dblack face=3D"Arial Narrow"><span =
style=3D'font-size:10.0pt;font-family:"Arial Narrow";
color:black'><o:p></o:p></span></font></p>
<p class=3DMsoNormal><font size=3D3 color=3Dfuchsia =
face=3DWingdings><span
style=3D'font-size:12.0pt;font-family:Wingdings;color:fuchsia'>,</span></=
font><font
color=3Dfuchsia><span style=3D'color:fuchsia'> </span></font><font
color=3Dfuchsia face=3DWingdings><span =
style=3D'font-family:Wingdings;color:fuchsia'>
</span></font><font face=3D"Arial Narrow"><span =
style=3D'font-family:"Arial Narrow"'><a
href=3D"mailto:megan@denalifunds.com" =
title=3D"mailto:megan@denalifunds.com">megan@denalifunds.com</a></span></=
font><o:p></o:p></p>
<p class=3DMsoNormal><u><font size=3D3 face=3D"Times New Roman"><span
style=3D'font-size:12.0pt'> &nbs=
p;  =
; =
&=
nbsp; &n=
bsp; &nb=
sp;
<o:p></o:p></span></font></u></p>
<p class=3DMsoNormal =
style=3D'mso-margin-top-alt:auto;mso-margin-bottom-alt:auto'><font
size=3D3 face=3D"Times New Roman"><span =
style=3D'font-size:12.0pt'> <strong><b><font
face=3D"Times New =
Roman">DISCLAIMER:</font></b></strong></span></font><font
size=3D2 face=3DArial><span =
style=3D'font-size:10.0pt;font-family:Arial'> An
investment with Denali Asset Management, LLLP. is risky and only risk =
capital
should be used. Past performance should not be viewed as an =
indication of
future results. </span></font><o:p></o:p></p>
<p class=3DMsoNormal><font size=3D3 face=3D"Times New Roman"><span =
style=3D'font-size:
12.0pt'><o:p> </o:p></span></font></p>
</div>
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