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					                                                                                   Return of Private Foundation
Form O an Dc                                                            or Section 4947(a)(1) Nonexempt Charitable Trust
Department of the Treasury
                                                                                Treated as a Private Foundation                                                                      2008
Internal Revenue Service                                    Note . The foundation may be able to use a copy of this return to satisfy state reporting requirements
For calendar year 2008 , or tax year be g innin g                                            and endin g
G Check all that apply            Initial return                                   Final return                 Amended return                        Address change                      Name change
 Use the IRS              Name of foundation                                                                                              A   Employer identification number
       label.                                                                                                                                 41 - 1680986
 Otherwise ,              STEVEN C LEUTHOLD FAMILY FOUNDATION                                                                             B   Telephone number ( see page 10 of the instructions)
       print              Number and street (or P 0 box number if mail is not delivered to street address )              Room/suite            612 - 332-1567
      or type.            33 SOUTH 6TH STREET                                                                          1 4600             C   If exemption application is pending , check here    ^
See Specific              City or town, state , and ZIP code                                                                              D   1. Foreign organizations , check here               ^
Instructions .            MINNEAPOLIS                                             MN 55402                                                    2. Foreign organizations meeting the
H Check type of organization X Section 501 (c)(3 exempt private foundation                                                                        85% test, check here and attach computation ^          u
    Section 4947 ( a )( 1 ) nonexem pt charitable trust    Other taxable p rivate foundation                                              E   If private foundation status was terminated
I Fair market value of all assets at end         J Accounting method     X Cash            Accrual                                            under section 507(b )( 1)(A) , check here           ^      u

      of year ( from Part II , col (c),                              u Other ( specify )                                                  F   If the foundation is in a 60-month termination
      line 16 )     ^$             27      5 04        766        ( Part I column (d ) must be on cash basis                                  under section 507(b )( 1)(B), check here            ^      u

      Part I         Analysis of Revenue and Expenses (The                                         (a ) Revenue and                                                              ( d) Disbursements
                                                                                                       expenses per         (b ) Net investment          ( c) Adjusted net            for charitable
                     total of amounts in columns ( b), (c), and (d) may not necessarily
                                                                                                          books                    income                      income                    purposes
                     equal the amounts in column (a) (see pg 11 of the instructions )                                                                                               (cash basis onl y)
Sri        1        Contributions , gifts, grants , etc, received (attach schedule )                   3,841,663
           2        Check ^ u if the foundation is not required to attach Sch B
           3        Interest on savings and temporary cash investments
           4        Dividends and interest from securities                                                 673, 957                   673, 957
           5a       Gross rents
             b      Net rental income or (loss)
C          6a       Net gain or (loss) from sale of assets not on line 10                                - 757 , 524
               b    Gross sales price for all assets on line 6a         50,223,989
           7        Capital gain net income (from Part IV , line 2)                                                                               0
           8        Net short-term capital gain                                                                                                                              0
           9        Income modifications
          10a       Gross sales less returns & allowances
               b    Less Cost of goods sold
               c    Gross profit or (loss) ( attach schedule)
          11        Other income ( attach schedule )                        STMT        1               138 , 564                     138,564
          12        Total. Add lines 1 throu g h 11                                                   3,896,660                       812,521                                0
 to       13        Compensation of officers , directors , trustees , etc                                    45 , 000                                                                          45,000
 0        14        Other employee salaries and wages
 Q        15        Pension plans , employee benefits
 W        16a       Legalfees (attach schedule)
  d            b   Accounting fees ( attach schedule)                       STMT 2                         19,500                                                                              19, 500
               c                      l^ be                                  STMT 3                       220 , 832                   220 , 832
          17                       ECIG
  E
  y       18                       sc    ue                          coons ) STMT        4                16 6 , 7 9 6                 11,514
  E       19                             af                          tlon
                                   A^
 '0       20                       y
          21                                                                                                2 4 , 221                                                                          24,221
  m       22                   )              wc^,0A
  tM      23       N ses (alt sch)
                      er                                 STMT                           5                     3 , 370
 a        24       Total operating and administrative expenses.
 d                 Add lines 13 through 23                                                                479 , 719                   232 , 346                                            88 , 721
 C'       25       Contributions , gifts, grants paid                                                 1 , 703,000                                                                     1 , 703,000
 O
          26       Total ex p enses and disbursements . Add lines 24 and 25                           2,182 , 719                     232 , 346                              0        1,791,721
          27        Subtract line 26 from line 12
               a    Excess of revenue over expenses & disbursements                                   1,713,941
               b    Net investment income ( if negative , enter -0-)                                                                  580,175
               c   Adjusted net income ( if ne g ative , enter -0-)                                                                                                          0
For Privacy Act and Paperwork Reduction Act Notice, see page 30 of the instructions.                                                                                             Form 990-PF (2008)
DAA

                                                                                                                                                                                                         V
Form sqn-PF r7nnR1               STEVEN C LEUTHOLD FAMILY FOUNDATION                                   41-1680986                                                      p,na 9
                                                                                                   Be g innin g of y ear                     End o f year
     Part it ,          Ralanrp SheetS Attached schedules and amounts in the description column
                                       should be for end-of-year amounts only (See instructions)     ( a ) Book Value          ( b ) Book Value           W Fair Market Value
        1       Cash-non-interest-bearing                                                                     39, 632                  40, 922                      40, 922
        2       Savings and temporary cash investments
        3       Accounts receivable ^
                Less allowance for doubtful accounts ^
        4       Pledges receivable ^
                Less allowance for doubtful accounts ^
        5       Grants receivable
        6       Receivables due from officers, directors, trustees, and other
                disqualified persons (attach schedule) (see page 15 of the
                instructions)
        7       Other notes and loans receivable (aft schedule) ^
                Less allowance for doubtful accounts ^
U)      8       Inventories for sale or use
N       9       Prepaid expenses and deferred charges
Q      10a      Investments-U S and state government obligations (attach schedule)   STMT   6           2,764,111                1,774,790                    1,782,947
            b   Investments-corporate stock (attach schedule)                SEE     STMT   7         17,240,853               18,067,150                    15,009,054
            c   Investments-corporate bonds (attach schedule)
       11       Investments-land, buildings, and equipment basis ^
                Less accumulated depreciation (attach sch) ^
       12       Investments-mortgage loans
       13       Investments-other (attach schedule) SEE              STATEMENT        8               11,603,261               13,478,936                    10,671,843
       14       Land, buildings, and equipment basis   ^
                Less accumulated depreciation (attach sch) ^
       15       Other assets (describe ^
       16       Total assets (to be completed by all filers-see the
                instructions Also see p a g e 1 item I                                                31,647 , 857             33, 361, 798                  27, 504, 766
       17       Accounts payable and accrued expenses
       18       Grants payable
4)     19       Deferred revenue
       20       Loans from officers, directors, trustees, and other disqualified persons
LV     21       Mortgages and other notes payable (attach schedule)
J      22       Other liabilities (describe ^
       23       Total liabilities ( add lines 17 throu g h 22 )                                                            0                          0
                Foundations that follow SFAS 117, check here ^
                and complete lines 24 through 26 and lines 30 and 31.
       24       Unrestricted
       25       Temporarily restricted
       26       Permanently restricted
                Foundations that do not follow SFAS 117, check here            ^
                and complete lines 27 through 31.
0      27       Capital stock, trust principal, or current funds
U)     28       Paid-in or capital surplus, or land, bldg , and equipment fund
y      29       Retained earnings, accumulated income, endowment, or other funds                      31,647,857               33,361,798
Q      30       Total net assets or fund balances (see page 17 of the
                instructions)                                                                         31, 647, 857             33, 361, 798
Z     31        Total liabilities and net assets/fund balances (see page 17
                of the instructions)                                                                  31, 647, 857             33 , 361,798 _
     Part ll            Analysis of Chan g es in Net Assets or Fund Balances
 1 Total net assets or fund balances at beginning of year-Part II, column (a), line 30 (must agree with
   end-of-year figure reported on prior year's return)                                                                                            1          31,647,857
 2 Enter amount from Part I, line 27a                                                                                                             2           1,713,941
 3 Other increases not included in line 2 (Itemize)'                                                                                              3
 4 Add lines 1, 2, and 3                                                                                                                          4          33, 361, 798
 5 Decreases not included in line 2 (itemize) ^                                                                                                   5
 6 Total net assets or fund balances at end of year ( line 4 minus line 5 )-Part II column ( b), line 30                                          6          33F361,798
                                                                                                                                                          Form 990-PF (2008)

DAA
Form 990-PF (2008) STEVEN C LEUTHOLD FAMILY FOUNDATION                                                                   41-1680986                                                          Page 3
  Part If     Capital Gains and Losses for Tax on Investment Income
                               (a) List and descnbe the kind(s) of property sold (a g , real es o te,
                                                                                                ta                         ( b ) wow acquired    (c)    Date acowred            (d) Date soli
                                                                                                )eo),                           P-Purchase             (mo , day, Yr )           (mo,day, yr)
                                  2-story brick warehouse , or common stock , 200 shs MLC C
                                                                                                                                D-Donation
 1a        SECURITY SALES                           ( SEE ATTACHMENT # 2                                                           P                  VARIOUS                   VARIOUS
  b        SECURITY SALES                           ( SEE ATTACHMENT # 2 )                                                         P                  VARIOUS                   VARIOUS
     C
     d
     e
                                                             (f)    Depreciation allowed                     ( g) Cost or other basis                            (h) Gain or (loss)
                   (e) Gross sales price                              ( or allowable )                          plus expense of sale                            (e) plus ( f) minus (g)

     a                    41 , 084 , 498                                                                                42 , 256 , 080                                    -1 , 171 , 582
     b                      9 , 139 , 491                                                                                 8 , 725 , 433                                             414 , 058
     c
     d
     e
         Com p lete onl y for assets showin g ain in column ( h ) and owned by the foundation on 12/31/69                                                 ( 1 ) G ains ( C o l ( h ) gain minus
                                                                   (j)     Adjusted basis                     (k) Excess of col ( i)                     col (k), but not less than -0-) or
            ( i)     F M V as of 12/31 /69                               as of 12/31/69                         over col Q), if any                             Losses ( from col (h))

     a                                                                                                                                                                    -1 , 171 , 582
     b                                                                                                                                                                              414 , 058
     C
     d
     e
                                                               If gain , also enter in Part I, line 7
         Capital gain net income or (net capital loss)
                                                               If (loss ), enter-0- in Part I, line 7                                            2                              -757 , 524
 3 Net short-term capital gain or (loss) as defined in sections 1222 (5) and (6)
   If gain , also enter in Part I, line 8 , column ( c) (see pages 13 and 17 of the instructions)
   If loss enter -0- In Part I line 8                                                                                                            3
  Part V         Qualification Under Section 4940 ( e) for Reduced Tax on Net Investment Income
(For optional use by domestic private foundations subject to the section 4940(a) tax on net investment income )
If section 4940(d)(2) applies, leave this part blank

Was the foundation liable for the section 4942 tax on the distributable amount of any year in the base period? u Yes                                      No
If "Yes," the foundation does not qualify under section 4940(e) Do not complete this part
 1       Enter the a pp ro p riate amount in each co lumn for each year, see p a g e 18 of the instructions before makin g an entries
                             (a)                                                        (b)                                    (c)                                            (d)
                    Base period years                                    Adjusted qualifying distributions    Net value of noncharitable-use assets                 Distribution ratio
           Calendar year ( or tax year beg innin g in )                                                                                                         col ( b ) divided by col ( c))
                              2007                                                          1 , 858 , 979                      30 , 522 , 177                                   0.060906
                              2006                                                          1 , 418 , 000                      23 , 974 , 456                                   0.059146
                              2005                                                          1 , 050 , 500                      18 , 989 , 087                                   0.055321
                              2004                                                              855 , 143                      16 , 596 , 300                                   0.051526
                              2003                                                              714 , 589                      13 , 099 , 499                                   0.054551

 2 Total of line 1, column (d)                                                                                                                            2                     0.281450
 3 Average distribution ratio for the 5-year base period-divide the total on line 2 by 5, or by the
   number of years the foundation has been in existence if less than 5 years                                                                              3                     0   .056290

 4 Enter the net value of noncharltable-use assets for 2008 from Part X, line 5                                                                           4               32        613    , 399

 5 Multiply line 4 by line 3                                                                                                                              5                  1 , 835 , 808

 6 Enter 1 % of net investment income (1 % of Part I, line 27b)                                                                                           6                               5 , 802

 7 Add lines 5 and 6                                                                                                                                      7                  1 , 841 , 610

 8 Enter qualifying distributions from Part XII, line 4                                                                             8                                        1 , 791 , 721
   If line 8 is equal to or greater than line 7, check the box in Part VI, line 1 b, and complete that part using a 1 % tax rate See
   the Part VI instructions on page 18
                                                                                                                                                                          Form 990-PF (2008)
DAA
Form 990-PF (2908)         STEVEN C LEUTHOLD FAMILY FOUNDATION                                         41-1680986                                            Page4
   Part           EXcise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948-see page 18 of the instructions)
 1a Exerript operating fourrdahurrs described in section 4940(d)(2), check nere i U ana enter "N/A" on line 1
      Date of ruling letter                    (attach copy of ruling letter if necessary-see instructions)
   b Domestic foundations that meet the section 4940(e) requirements in Part V, check                                10   1                           11 , 604
      here ^ u and enter 1 % of Part I, line 27b
   c All other domestic foundations enter 2% of line 27b Exempt foreign organizations enter 4%
      of Part I, line 12, col (b)
 2    Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-)            2                                    0
 3    Add lines 1 and 2                                                                                                   3                           11     604
 4    Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only Others enter -0-)         4                                        0
 5    Tax based on investment income. Subtract line 4 from line 3 If zero or less, enter -0-                             5                            11 , 604
 6    Credits/Payments
     a   2008 estimated tax payments and 2007 overpayment credited to 2008                            6a            106 , 600
     b   Exempt foreign organizations-tax withheld at source                                          6b
     c   Tax paid with application for extension of time to file (Form 8868)                          6c
     d   Backup withholding erroneously withheld                                                      6d
 7       Total credits and payments Add lines 6a through 6d                                                                           7              106 , 600
 8       Enter any penalty for underpayment of estimated tax Check here            if Form 2220 is attached                           8
 9       Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed                                         ^      9
10       Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid                             ^     10               94 , 996
11       Enter the amount of line 10 to be Credited to 2009 estimated tax ^                   12 , 000            Refunded     ^     11               82 , 996
     Part Vu -A            Statements Reg ardin g Activities
 1a      During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it                              Yes    No
         participate or intervene in any political campaign?                                                                                     1a           X
     b   Did it spend more than $100 during the year (either directly or indirectly) for political purposes (see page 19
         of the instructions for definition)?                                                                                                    1b           X
         If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
         published or distributed by the foundation in connection with the activities
     c   Did the foundation file Form 1120-POL for this year?                                                                                    1c           X
     d   Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year
         (1) On the foundation ^ $                                     (2) On foundation managers ^ $
     e   Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed on
         foundation managers ^ $
 2       Has the foundation engaged in any activities that have not previously been reported to the IRS?                                          2           X
         If "Yes," attach a detailed description of the activities
 3       Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of
         incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes                                 3           X
4a       Did the foundation have unrelated business gross income of $1,000 or more during the year?                                              4a           X
 b       If "Yes," has it filed a tax return on Form 990-T for this year?                                                                  N/A   4b
 5       Was there a liquidation, termination, dissolution, or substantial contraction during the year?                                           5           X
         If 'Yes,' attach the statement required by General Instruction T
6        Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either
         • By language in the governing instrument, or
         • By state legislation that effectively amends the governing instrument so that no mandatory directions that
         conflict with the state law remain in the governing instrument?                                                                         6     X
7        Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col (c), and Part XV         7     X
8a       Enter the states to which the foundation reports or with which it is registered (see page 19 of the
         instructions) ^              MN
    b    If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney General
         (or designate) of each state as required by General Instruction G' If "No," attach explanation                                          8b    X
9        Is the foundation claiming status as a private operating foundation within the meaning of section 49420)(3)
         or 49420)(5) for calendar year 2008 or the taxable year beginning in 2008 (see instructions for Part XIV on
         page 27)' If "Yes," complete Part XIV                                                                                                   9            X
10       Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their
         names and addresses                                                                                                                     10           X
                                                                                                                                             Form 990 -PF (2008)



DAA
                             STEVEN C LEUTHOLD FAMILY FOUNDATION 41-1680986                                                                                     Page 5
     Part VJJ A         •    Statements Regarding Activities (continued)
ii                                                                                                                                               I
         Ai any Time during Hie yeas, did the foundation, uirei,iiy of indirectly, own d controlled entity within the
         meaning of section 512(b)(13)? If *Yes,' attach schedule (see page 20 of the instructions)                                                  11           X
12       Did the foundation acquire a direct or indirect interest in any applicable insurance contract before
         August 17, 2008?                                                                                                                            12           X
13       Did the foundation comply with the public inspection requirements for its annual returns and exemption application?                         13   X
         Website address ^ N/A
14       The books are in care of ^            STEVEN C.                 LEUTHOLD                                       Telephone no ^   612-332-1567
                      412A BUTLER SQUARE
         Located at ^ MINNEAPOLIS, MN                                                                                        ZIP+4 ^      55403
15       Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 -Check here                                                      ^ u
         and enter the amount of tax-exempt interest received or accrued during the year                                         ^ ^ 15
     Part Vu -B              Statements Re g ardin g Activities for Which Form 4720 Ma y Be Req uired
         File Form 4720 if any item is checked in the "Yes " column , unless an exception applies.                                                        Yes     No
 is      During the year did the foundation (either directly or indirectly)
         (1) Engage in the sale or exchange, or leasing of property with a disqualified person?                              u Yes         No
         (2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a
             disqualified person?                                                                                              Yes       X No
         (3) Furnish goods, services, or facilities to (or accept them from) a disqualified person?                            Yes       X No
         (4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person?                                X Yes         No
         (5) Transfer any income or assets to a disqualified person (or make any of either available for
              the benefit or use of a disqualified person)?                                                                  u Yes         No
         (6) Agree to pay money or property to a government official? ( Exception . Check "No" if
              the foundation agreed to make a grant to or to employ the official for a period after
              termination of government service, if terminating within 90 days)                                              u Yes         No
     b   If any answer is "Yes" to 1a(1)-(6), did any of the acts fail to qualify under the exceptions described in Regulations
         section 53 4941 (d)-3 or in a current notice regarding disaster assistance (see page 20 of the instructions)?                               lb           X
         Organizations relying on a current notice regarding disaster assistance check here                                               ^ u
 c       Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts, that
         were not corrected before the first day of the tax year beginning in 2008?                                                       N/A        1c
2        Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
         operating foundation defined in section 49420)(3) or 49420)(5))
 a       At the end of tax year 2008, did the foundation have any undistributed income (lines 6d and
         6e, Part XIII) for tax year(s) beginning before 2008?                                                               u Yes         No
         If "Yes," list the years ^ 20           , 20         , 20         , 20
     b   Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
         (relating to incorrect valuation of assets) to the year's undistributed income? (If applying section 4942(a)(2)
         to all years listed, answer "No" and attach statement-see page 20 of the instructions)                                           N/A        2b
 c       If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here
         ^ 20             , 20        , 20        , 20
3a       Did the foundation hold more than a 2% direct or indirect interest in any business
         enterprise at any time during the year?                                                                             u Yes         No
 b       If "Yes," did it have excess business holdings in 2008 as a result of (1) any purchase by the foundation or
         disqualified persons after May 26, 1969, (2) the lapse of the 5-year period (or longer period approved by the
         Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest, or (3) the lapse
         of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine if the
         foundation had excess business holdings in 2008)                                                                                 N/A        3b
4a       Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?                             4a           X
 b       Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
         charitable ouroose that had not been removed from ieoDardv before the first day of the tax year beginning in 20087                          4b           X
                                                                                                                                                Form 990 -PF (2008)




DAA
Form 990-PF (20.08) STEVEN C LEUTHOLD FAMILY FOUNDATION 41-1680986                                                                                                              Page 6
  Part V I-B     • Statements Reaardina Activities for Which Form 4720 May Be Required (continued)
5a         During the year did the foundation pay or incur any amount to

          (1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?                          u                 Yes           No
          (2) Influence the outcome of any specific public election (see section 4955), or to carry on,
               directly or indirectly, any voter registration drive?                                                                           Yes     u No
                                                                                                                                                       X
          (3) Provide a grant to an individual for travel, study, or other similar purposes?
          (4) Provide a grant to an organization other than a charitable, etc , organization described in
                                                                                                                                       H       Yes     X No

               section 509(a)(1), (2), or (3), or section 4940(d)(2)? (see page 22 of the instructions)                      u                 Yes           No
          (5) Provide for any purpose other than religious, charitable, scientific, literary, or
               educational purposes, or for the prevention of cruelty to children or animals?                                u                 Yes      X No
     b    If any answer is "Yes" to 5a(1)-(5), did any of the transactions fail to qualify under the exceptions described in
          Regulations section 53 4945 or in a current notice regarding disaster assistance (see page 22 of the instructions)?                             N/A
          Organizations relying on a current notice regarding disaster assistance check here                                                         ^ U
     c    If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the tax
           because it maintained expenditure responsibility for the grant?                                            N/A E1 Yes                       u No
           If "Yes," attach the statement required by Regulations section 53 4945-5(d)
6a         Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums
           on a personal benefit contract?                                                                                u Yes                              No
     b     Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?                                                              X
          If you answered "Yes" to 6b, also file Form 8870
7a        At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?                         u Yes                 No
     b If yes, did the foundation receive any proceeds or have any net income attributable to the transaction? N/A 17b
     Part VIII       Information About Officers, Directors , Trustees , Foundation Managers , Highly Paid Employees,
                     and Contractors
 1       List all officers , directors , trustees , foundation mana g ers and their com pensation (see pa g e 22 of the instructions .
                                                                                               (b) Title, and average   (c) Compensation         (d)                    (e) Expense
                                                                                                                         If not paid , enter             nnbubons
                                                                                                                                                 plaemployee benet to
                                       (a) Name and address                                        hours per week                                    ns and deferred    account, other
                                                                                                 devoted to sdion                -0-                              r
                                                                                                                                                     com pensati on       allowances
     SEE    STATEMENT     9




     2     Compensation of five highest-paid employees (other than those included on line 1-see page 23 of the instructions).
           If none. enter "NONE."
                                                                                               (b) Title, and average                            (d) Contnbutions to    (e) Expense
                    (a) Name and address of each employee paid more than $50,000                  hours per week                                  employee benefit      account other
                                                                                                                                                                        account,
                    ()                                                                                    t             (c) Compensation         plans and deferred
                                                                                                devoted to position                                                       allowances
                                                                                                                                                                                  es
                                                                                                                                                    compensation

     NONE




Total number of other employees paid over $50,000 ..... .........                                                                                                       ^ 1       0
                                                                                                                                                                  Form 990 -PF (2008)




DAA
Form 990-PF (2Q08) STEVEN C LEUTHOLD FAMILY FOUNDATION 41-1680986                                                                                                             Page 7
  Part VIII     tnformation About Officers , Directors, Trustees , Foundation Managers, Highly Paid Employees,
                     and Contractors (continued)
  3    Five hi g hest- paid inde pendent contractors for p rofessional services ( see pa g e 23 of the instructions ) . If none , enter " NONE."
                          ( a ) Name and address of each person paid more than $50,000                                                ( b ) Typ e of service     ( c ) Com p ensation
  NONE




Total number of others receiving over $50,000 for professional services                                                                                               ^ 1           0

  Part IX-A             Summary of Direct Charitable Activities
  List the foundation's four largest direct chartable activities during the tax year Include relevant statistical information such as the number
  of organizations and other beneficiaries served, conferences convened, research papers produced, etc                                                               Expenses

  1    N/A


  2



  3



  4




  Patt IX-B             Summary of Program - Related Investments (see page 23 of the instructions)
  Describe the two larg est p ro g ram- related investments made by the foundation durin g the tax year on lines 1 and 2                                           Amount
  1    N/A


  2



  All other program - related investments See page 24 of the instructions
  3




Total. Add lines 1 throu g h 3                                                                                                                             ^
                                                                                                                                                               Form 990 -PF (2008)




DAA
Form 990-PF (2Q08)       STEVEN C LEUTHOLD FAMILY FOUNDATION                                            41-1680986                                        Page 8
    Part X        Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations,
                  see pa g e 24 of the instructions.)
I       Fair market value of assets not used (or held for use) directly in carrying out charitable, etc ,
        purposes
    a   Average monthly fair market value of securities                                                                          1a    27 1 724 , 526
    b   Average of monthly cash balances                                                                                         lb     5 , 385 , 524
                                                                                                                                             85
    c   Fair market value of all other assets (see page 24 of the instructions)                                                  1c                           0
    d   Total (add lines 1a, b, and c)                                                                                           1d    33 , 110 , 050
    e   Reduction claimed for blockage or other factors reported on lines 1 a and
        1c (attach detailed explanation)                                                            1e                       0
2       Acquisition indebtedness applicable to line 1 assets                                                                      2                 0
3       Subtract line 2 from line 1d                                                                                              3    33 , 110 , 050
4       Cash deemed held for charitable activities Enter 1 '/. % of line 3 (for greater amount, see page 25
        of the instructions)                                                                                                      4             496 , 651
5       Net value of noncharitable-use assets. Subtract line 4 from line 3 Enter here and on Part V, line 4                       5    32 , 613     , 399
6       Minimum investment return. Enter 5% of line 5                                                                             6     1 , 630     , 670
    Part XI       Distributable Amount (see page 25 of the instructions) (Section 49420)(3) and 0)(5) private operating
                  foundations and certain forei g n org anizations check here ^ and do not com p lete this part
1       Minimum investment return from Part X, line 6                                                                            1      1   , 630 , 670
2a      Tax on investment income for 2008 from Part VI, line 5                                        2a           11 , 604
    b   Income tax for 2008 (This does not include the tax from Part VI)                              2b
    c   Add lines 2a and 2b                                                                                                      2c              11   , 604
3       Distributable amount before adjustments Subtract line 2c from line 1                                                     3      1 , 619       , 066
4       Recoveries of amounts treated as qualifying distributions                                                                4
5       Add lines 3 and 4                                                                                                        5      1- 1 619      , 066
6       Deduction from distributable amount (see page 25 of the instructions)                                                    6
7       Distributable amount as adjusted Subtract line 6 from line 5 Enter here and on Part XIII,
        line 1                                                                                                                    7     1 , 619 , 066
    Part Al          Qualifying Distributions (see page 25 of the instructions)
I       Amounts paid (including administrative expenses) to accomplish charitable, etc, purposes
    a   Expenses, contributions, gifts, etc -total from Part I, column (d), line 26                                              1a     1   ,   791   ,   721
    b   Program-related investments-total from Part IX-B                                                                         lb
2       Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc ,
        purposes                                                                                                                  t
3       Amounts set aside for specific charitable projects that satisfy the
    a   Suitability test (prior IRS approval required)                                                                            3a
    b   Cash distribution test (attach the required schedule)                                                                    3b
4       Qualifying distributions . Add lines 1 a through 3b Enter here and on Part V, line 8, and Part XIII, line 4               4     1 , 791 , 721
5       Foundations that qualify under section 4940(e) for the reduced rate of tax on net investment income
        Enter 1% of Part I, line 27b (see page 26 of the instructions)                                                            5                 0
6       Adjusted qualifying distributions . Subtract line 5 from line 4                                                           6     1 , 791 , 721
        Note . The amount on line 6 will be used in Part V, column (b), in subsequent years when calculating whether the foundation
               aualifies for the section 4940(e) reduction of tax in those years
                                                                                                                                       Form 990 -PF (2008)




DAA
Form 990-PF (2008) STEVEN C LEUTHOLD FAMILY FOUNDATION                                    41-1680986                            Page 9
  Part XIII     Undistributed Income (see Daae 26 of the instructions)
                                                                             (a)              (b)                         ,a,
 1        Distributable amount for 2008 from Part XI,                      Corpus      Years pnor to 2007   2007         2008
          line 7                                                                                                       1,619,066
 2        Undistributed income, if any, as of the end of 2007
      a   Enter amount for 2007 only
      b   Total for prior years 20          , 20        , 20
 3        Excess distributions carryover, if any, to 2008
   a      From2003                                             87,508
   b      From 2004                                            71,909
   c      From 2005                                           150 , 522
   d      From 2006                                           277,134
   e      From 2007                                           439,432
   f Total of lines 3a through e                                          1,026.505
 4   Qualifying distributions for 2008 from Part XII,
          line4               1,791,721
      a Applied to 2007, but not more than line 2a
      b Applied to undistributed income of prior years (Election
        required-see page 26 of the instructions)
  c Treated as distributions out of corpus (Election
    required-see page 26 of the instructions)
  d Applied to 2008 distributable amount                                                                               1,619,066
  e Remaining amount distributed out of corpus                              172,655
5   Excess distributions carryover applied to 2008
    (If an amount appears in column (d), the same
    amount must be shown in column (a) )
6   Enter the net total of each column as
    indicated below:
  a Corpus Add lines 3f, 4c, and 4e Subtract line 5                       1,199,160
  b Prior years' undistributed income Subtract
    line 4b from line 2b
  c Enter the amount of prior years' undistributed
    income for which a notice of deficiency has been
    issued, or on which the section 4942(a) tax has
    been previously assessed
  d Subtract line 6c from line 6b Taxable
    amount-see page 27 of the instructions
  e Undistributed income for 2007 Subtract line
    4a from line 2a Taxable amount-see page
    27 of the instructions
  f Undistributed income for 2008 Subtract lines
    4d and 5 from line 1 This amount must be
    distributed in 2009                                                                                                             0
7   Amounts treated as distributions out of corpus
    to satisfy requirements imposed by section
    170(b)(1)(F) or 4942(g)(3) (see page 27 of the
          instructions)
8         Excess distributions carryover from 2003 not
          applied on line 5 or line 7 (see page 27 of the
          instructions)                                                       87,508
9         Excess distributions carryover to 2009.
          Subtract lines 7 and 8 from line 6a                             1.111.652
10        Analysis of line 9
  a       Excess from 2004                                   71 , 909
  b       Excess from 2005                                  150 , 522
 c        Excess from 2006                                  277,134
 d        Excess from 2007                                  439,432
 e        Excess from 2008                                  172 , 655
                                                                                                                   Form 990 -PF (2008)
Dry
         990-PF (2008) STEVEN C LEUTHOLD FAMILY FOUNDATION 41-168098 6                                                                                      Paae 10

 1a      If the foundation has received a ruling or determination letter that it is a private operating
         founaation, ana the ruiing is effective for 2008, enter the date of the ruling                                  ^
     b   Check box to indicate whether the foundation is a private o p eratin g foundation described in section
 2a      Enter the lesser of the adjusted net               Tax y ear                                     Pnor 3 years                                (e) Total
         income from Part I or the minimum                 ( a ) 2008              ( b ) 2007              ( c ) 2006
         investment return from Part X for
         each year listed
     b   85% of line 2a
     c   Qualifying distributions from Part XII,
         line 4 for each year listed
     d   Amounts included in line 2c not used directly
         for active conduct of exempt activities
     e   Qualifying distributions made directly
         for active conduct of exempt activities
         Subtract line 2d from line 2c
 3       Complete 3a, b, or c for the
         alternative test relied upon
     a   "Assets" alternative test-enter
         (1) Value of all assets
         (2) Value of assets qualifying under
              section 49420)(3)(B)(i)
     b   'Endowment' alternative test-enter 2/3 of
         minimum investment return shown in Part
         X, line 6 for each year listed
    c    "Support" alternative test-enter
         (1) Total support other than gross
              investment income (interest,
              dividends, rents, payments on
              securities loans (section
              512(a)(5)), or royalties)
         (2) Support from general public
              and 5 or more exempt
              organizations as provided in
              section 49420)(3)(B)(ui)
         (3) Largest amount of support from
              an exempt organization


     Part XV           Supplementary Information ( Complete this part only if the foundation had $5 , 000 or more in assets
                       at any time during the year-see page 27 of the instructions.)
1        Information Regarding Foundation Managers:
    a    List any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
         before the close of any tax year (but only if they have contributed more than $5,000) (See section 507(d)(2) )
          STEVEN C. LEUTHOLD                                                                                                                    $3,835,000
    b    List any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
         ownership of a partnership or other entity) of which the foundation has a 10% or greater interest
         NONE
2        Information Re arding Contribution, Grant, Gift, Loan, Scholarship , etc., Programs:
         Check here ^ f if the foundation only makes contributions to preselected charitable organizations and does not accept
         unsolicited requests for funds If the foundation makes gifts, grants, etc (see page 28 of the instructions) to individuals or
             anizations under other conditions, comalete items 2a, b, c, and d
    a    The name, address, and telephone number of the person to whom applications should be addressed
         STEVEN C. LEUTHOLD 612-332-1567
         33 SOUTH 6TH STREET MINNEAPOLIS MN 55402
    b    The form in which applications should be submitted and information and materials they should include
         SEE STATEMENT 10
    c    Any submission deadlines
         N/A
    d    Any restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other factors
         N/A
                                                                                                                                                 Form 990 -PF (2008)
DAA
Form 990-PF (2Q08) STEVEN C LEUTHOLD FAMILY FOUNDATION                             41-1680986                                       Page 11
  Part XV       Supplementary Information (continued)
3       uran[s and Contributions raid During the Year or Approved for Future ravment
                                                  If recipient is an individual,    Foundation
                          Recipient                 show any relationship to         status of     Purpose of grant or
                                                                                                                              Amount
                                                    any foundation manager           reci p ient      contribution
         Name and address ( home or business )     or substantial contributor

    a    Paid during the year
        SEE STATEMENT 11
                                                                                                                             1,703,000




         Total                                                                                               ^ 3a            1,703,000
    b    Approved for future payment
        N/A




         Total                                                                                              ^    3b
oa,A                                                                                                                     Form 990-PF (2008)
Form 990-PF (2008)     STEVEN C LEUTHOLD FAMILY FOUNDATION                                            41-1680986                                                        Page 12
  PartXVI-A `•         Analysis of Income-Producing Activities
Enter gross amounts uniess otherwise indicated                                 unreiate a ousiness income          rxciuoea O f sec.uun 512, 513, ui 514           (e)
                                                                                                                                                           Related or exempt
                                                                              (a)                (b)                (c)                  (d)                 function income
                                                                         Business code         Amount            Exclusion             Amount               (See page 28 of
                                                                                                                   code
      Program service revenue                                                                                                                               the instructions )
      a
      b
      c
      d
      e
      f
   g Fees and contracts from government agencies
 2 Membership dues and assessments
 3 Interest on savings and temporary cash investments
 4 Dividends and interest from securities                                                                         14                      673 , 957
 5 Net rental income or (loss) from real estate
   a Debt-financed property
   b Not debt-financed property
 6 Net rental income or (loss) from personal property
 7 Other investment income                                                                                        14                    138 , 564
 8 Gain or (loss) from sales of assets other than inventory                                                       18                   -757 , 524
 9 Net income or (loss) from special events
10 Gross profit or (loss) from sales of inventory
11 Other revenue a
    b
    c
    d
    e
12 Subtotal Add columns (b), (d), and (e)                                                                   01               1              54 , 997                        0
13 Total. Add line 12, columns (b), (d), and (e)                                                                                                  13                 54 , 997
(See worksheet in line 13 instructions on page 28 to verify calculation s )

                   Explain below how each activity for which income is reported in column (e) of Part XVI-A contributed importantly to
   Line No..
      y            the accomplishment of the foundation's exempt purposes (other than by providing funds for such purposes) (See
                   Daae 28 of the instructions )
      N/A




DAA
Form 990-PF (2908) STEVEN C LEUTHOLD FAMILY FOUNDATION 41-1680986                                                                                                                                  Page 13
  Part XVII     Information Regarding Transfers To and Transactions and Relationships With Noncharitable

  1       Did the organization directly or indirectly engage in any of the following with any other organization described                                                                      Yes       No
          in section 501(c) of the Code (other than section 501 (c)(3) organizations) or in section 527, relating to political
          organizations?
      a   Transfers from the reporting foundation to a noncharitable exempt organization of
          (1) Cash                                                                                                                                                                   a(l )                X
          (2) Other assets                                                                                                                                                          la ( 2 )1             X
      b   Other transactions
          (1) Sales of assets to a noncharitable exempt organization                                                                                                                1b ( l )              X
          (2) Purchases of assets from a nonchantable exempt organization                                                                                                           1 b(2)                X
          (3) Rental of facilities, equipment, or other assets                                                                                                                      1 b(3)                X
          (4) Reimbursement arrangements                                                                                                                                            1 b (4 )              X
          (5) Loans or loan guarantees                                                                                                                                              1b ( 5 )              X
          (6) Performance of services or membership or fundraising solicitations                                                                                                    1 b(6)                X
      c   Sharing of facilities, equipment, mailing lists, other assets, or paid employees                                                                                            1c                  X
      d   If the answer to any of the above is "Yes," complete the following schedule Column (b) should always show the fair market
          value of the goods, other assets, or services given by the reporting organization If the foundation received less than fair market
          value in any transaction or sharlna arrangement. show in column (d) the value of the goods. other assets. or services received
                                                                                                                                       of transfers. transactions. and
N/A




 2a Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
          described in section 501 ( c) of the Code ( other than section 501 (c )( 3)) or in section 5272                                                                           1-1 Yes       XX No
    h     If "Yes" complete the followma schedule
                          ( a ) Name of org anization                        ( b ) Type of org anization                                     ( c ) Descri p tion of relationshi p
        N/A




          Under penalties         f p jury ,             have examine this return, including accompanying schedules and statements , and to the best of my knowledge and
          belief , it is true ,    rr t and      plete   claration of pre arer ( other than taxpayer or fiduciary ) is based on all informati on of which preparer has any knowledge

                                                                                                                                     '                            ITT-
                  ign ature       o cer r t    t o                                                    Datlb

d                                                                                                                        Date                                              Preparers idenbfpng
=                                                                                                                                             Check if                     number ( see Signature on
                  E       Preparer's                                                                                         l q              self-employed 1              page 30 of the instructions)
N         a o°           sig nature                                                                                     s ^) I d 1                                          P00088232
             CL          Firm's name (or yo          f    OHNSON , WEST & CO., PLC
                         self-empIoyed ), address,        32 MINNESOTA ST STE E -1100                                                                           EIN ^ 41-0909934
                         and ZIP code                     SAINT PAUL , MN  55101                                                                                      651-227-9431
                                                                                                                                                                Phone no
                                                                                                                                                                        Form 990 -PF (2008)


DAA
Schedule B
(Form 999,990-EZ,
                                                                   Schedule of Contributors
or 990-PF)                                                                                                                                             AAw^

Department of the Treasury
                                                             ll•   Attach to   Form.   990 ,   990-EL,   and   990-PF.

                                                                                                                                                       LVVtS
Name of the organization                                                                                                         Employer identification number

   STEVEN C LEUTHOLD FAMILY FOUNDATION                                                                                           41-1680986
Organization type (check one)

Filers of:                        Section:

Form 990 or 990-EZ                u 501(c)(          ) (enter number) organization

                                  u 4947( a)(1) nonexempt charitable trust not treated as a private foundation


                                  u 527 political organization

Form 990-PF                           501(c)( 3) exempt private foundation


                                  u 4947( a)(1) nonexempt charitable trust treated as a private foundation


                                  u 501(c)(3) taxable private foundation



Check if your organization is covered by the General Rule or a Special Rule. (Note . Only a section 501(c)(7), (8), or (10)
organization can check boxes for both the General Rule and a Special Rule See instructions )


General Rule


          For organizations filing Form 990, 990-EZ, or 990-PF that received, during the year, $5,000 or more (in money or
          property) from any one contributor Complete Parts I and II


Special Rules


      u For a section 501(c)(3) organization filing Form 990, or Form 990-EZ, that met the 33 1/3% support test of the regulations
        under sections 509(a)(1)/170(b)(1)(A)(vi), and received from any one contributor, during the year, a contribution of the
        greater of (1) $5,000 or (2) 2% of the amount on Form 990, Part VIII, line 1h or 2% of the amount on Form 990-EZ, line
        1 Complete Parts I and II


   u For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,
     during the year, aggregate contributions or bequests of more than $1,000 for use exclusively for religious, charitable,
     scientific, literary, or educational purposes, or the prevention of cruelty to children or animals Complete Parts I, II, and III


   u For a section 501(c)(7), (8), or (10) organization filing Form 990, or Form 990-EZ, that received from any one contributor,
     during the year, some contributions for use exclusively for religious, charitable, etc , purposes, but these contributions did
     not aggregate to more than $1,000 (If this box is checked, enter here the total contributions that were received during
     the year for an exclusively religious, charitable, etc , purpose Do not complete any of the parts unless the General Rule
     applies to this organization because it received nonexclusively religious, charitable, etc , contributions of $5,000 or more
     during the year)                                                                                                           ^


Caution. Organizations that are not covered by the General Rule and/or the Special Rules do not file Schedule B (Form 990,
990-EZ, or 990-PF), but they must answer "No" on Part IV, line 2 of their Form 990, or check the box in the heading of their
Form 990-EZ, or on line 2 of their Form 990-PF, to certify that they do not meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF)


For Privacy Act and Paperwork Reduction Act Notice, see the Instructions                                                 Schedule B (Form 990, 990-EZ, or 990-PF) (2008)
for Form 990. These instructions will be issued separately.




DAA
  Part I   Contributors (see instructions)
  (a)                                (b)                                 (c)                               (d)
  No.                    Name , address , and ZIP + 4        Agg re gate contributions            Type of contribution

  1        STEVEN C. LEUTHOLD                                                                   Person            x
           1300 YALE PLACE, SUITE 329                                                           Payroll
                                                             $         3,835,000                Noncash
           MINNEAPOLIS                            MN 55403                                   (Complete Part II if there is
                                                                                             a noncash contribution )

  (a)                                (b)                                 (c)                               (d)
  No.                    Name , address , and ZIP + 4        Agg re g ate contributions          Typ e of contribution

                                                                                               Person
                                                                                               Payroll
                                                             $                                 Noncash
                                                                                             (Complete Part II if there is
                                                                                             a noncash contribution

  (a)                                 (b)                                (c)                              (d)
  No.                   Name , address , and ZIP + 4         Agg re g ate contributions          Type of contribution

                                                                                               Person
                                                                                               Payroll
                                                             $                                 Noncash
                                                                                             (Complete Part li if there is
                                                                                             a noncash contribution

  (a)                               (b)                                  (c)                                (d)
  No.                   Name , address , and ZIP + 4         Agg re g ate contributions          Typ e of contribution


                                                                                               Person
                                                                                               Payroll
                                                             $                                 Noncash
                                                                                             (Complete Part II if there is
                                                                                             a noncash contribution

  (a)                                 (b)                                (c)                                (d)
  No.                   Name , address , and ZIP + 4         Agg re g ate contributions          T   e of contribution


                                                                                               Person
                                                                                               Payroll
                                                             $                                 Noncash
                                                                                             (Complete Part II if there is
                                                                                             a noncash contribution )

  (a)                               (b)                                  (c)                              (d)
  No.                   Name , address , and ZIP + 4         Agg reg ate contributions           Type of contribution

                                                                                               Person
                                                                                               Payroll
                                                             $                                 Noncash
                                                                                             (Complete Part II if there is
                                                                                             a noncash contribution )


                                                                               Schedule B (Form 990, 990-EZ, or 990-PF) (2008)
DAA
41-1680986                                        Federal Statements

                                    Statement 1 - Form 990 -PF, Part I, Line 11 - Other Income

                                                                      Revenue per             Net Investment   Adjusted Net
                      Description                                        Books                    Income          Income
K-1 INCOME & LOSSES                                                       134, 559                 134,559
CLASS ACTION SETTLEMENT                                                     4,005                    4,005
     TOTAL                                                        $       138,564         $        138,564
41-1680986                                Federal Statements

                        Statement 2 - Form 990 -PF. Part I. Line 16b - Accountina Fees

                Description
                                                                 Net               Adjusted           Charitable
                                            Total             Investment              Net              Purpose
INTERNAL ACCOUNTING
                                      $         12,000    $                    $                  $        12,000
EXTERNAL ACCOUNTING
                                                 7, 500                                                     7,500
      TOTAL                           $         19,500 $                   0   $              0   $        19,500


                     Statement 3 - Form 990 -PF, Part I , Line 16c - Other Professional Fees

                Description
                                                                 Net               Adjusted           Charitable
                                            Total             Investment              Net              Purpose
INVESTMENT MANAGEMENT          FEES
                                      $        159, 682   $       159,682      $                  $
BROKERAGE     FEES
                                                    752                752
K-1   PORTFOLIO EXPENSES         &   DEDUCTI
                                                60,398             60,398
      TOTAL                           $        220,832    $      220,832       $              0   $                0


                              Statement 4 - Form 990 - PF, Part I, Line 18 - Taxes
               Description
                                                                 Net               Adjusted           Charitable
                                            Total             Investment              Net              Purpose
FOREIGN TAXES
                                      $         11,514    $        11, 514     $
SECTION   4940 TAX
                                               155,282
      TOTAL                           $        166,796    $        11,514      $              0   $                0




                                                                                                            2-4
41-1680986                         Federal Statements

                    Statement 5 - Form 990-PF, Part I, Line 23 - Other Expenses
             Description
                                                         Net               Adjusted           Charitable
                                     Total            Investment              Net              Purpose
                               $                  $                    $                  $
EXPENSES

   FILING FEE-MN ATTORNEY GENERA
                                             25
   MISCELLANEOUS
                                         3, 345
     TOTAL                     $         3,370 $                   0   $              0   $




                                                                                                      5
41-1680986                            Federal Statements

        Statement 6 - Form 990 - PF, Part II, Line 10a - US and State Government Investments
                 Description
                                            Beginning           End of         Basis of       Fair Market
                                             of Year             Year         Valuation          Value
SEE ATTACHMENT #1
                                        $    2,764,111    $     1,774,790                 $    1,782,947
     TOTAL                              $    2,764,111    $     1,774,790                 $    1,782,947



             Statement 7 - Form 990 - PF, Part II , Line 10b - Corporate Stock Investments

                 Description
                                            Beginning           End of         Basis of       Fair Market
                                             of Year             Year         Valuation          Value
SEE ATTACHMENT    #1
                                        $   17,240,853    $   18,067,150                  $   15,009,054
     TOTAL                              $   17,240,853    $   18,067,150                  $   15,009,054



                    Statement 8 - Form 990 -PF, Part II , Line 13 - Other Investments
                 Description
                                            Beginning           End of         Basis of       Fair Market
                                             of Year             Year         Valuation          Value
SEE ATTACHMENT    #1
                                        $   11,603,261    $   13,478,936                  $   10,671,843
     TOTAL                              $   11,603,261    $   13,478,936                  $   10,671,843




                                                                                                    6-8
41-1680986                                                Federal Statements                                                              I

                            Statement 9 - Form 990 -PF. Part VIII. Line 1 - List of Officers . Directors. Trustees. Etc.
                 Name and                                                   Average
                  Address                               Title                Hours           Compensation           Benefits       Expenses
STEVEN C.    LEUTHOLD                               DIRECTOR            0                           9,000                      0              0
1300 YALE PLACE
MINNEAPOLIS MN 55403

DR. LINDA LEUTHOLD DONERKIEL                        DIRECTOR            0                             9,000                    0              0
750 COW HORSE DRIVE
KUNA ID 83634

MICHAEL LEUTHOLD                                    DIRECTOR            0                             9,000                    0              0
5620 E. ROSEWOOD ST.
TUCSON AZ 85711

KURT LEUTHOLD                                       DIRECTOR            0                             9,000                    0              0
1810 OAKVIEW LANE N.
PLYMOUTH MN 55441

RUSSELL LEUTHOLD                                    DIRECTOR            0                             9,000                    0              0
3861 MAPLE SHORES DRIVE
EXCELSIOR MN 55331
41-1680986                             Federal Statements

               Form 990-PF, Part XV, Line 1a - Managers Who Contributed Over 2 % or $5,000

                          Name of Manager                                  Amount
STEVEN C.      LEUTHOLD                                               $    3,835,000
       TOTAL                                                          $    3,835,000


                  Form 990 -PF, Part XV, Line 1 b - Managers Who Own 10 % or More Stock

                          Name of Manager                                  Amount
NONE                                                                  $
       TOTAL                                                          $              0



       Statement 10 - Form 990-PF, Part XV, Line 2b - Application Format and Required Contents
                                 Description
LETTER STATING PURPOSE FOR WHICH FUNDS ARE REQUESTED AND
RELEVANT INFORMATION ON ACTIVITIES OF ORGANIZATION




                                                                                                 10
41-1680986                                            Federal Statements

                      Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                                Year
             Name                         Address
                Address                Relationship     _   Status                         Purpose               Amount
2ND CHANCE ANIMAL          1708 N WHITLEY DR
     FRUITLAND ID 83619         NONE                                    OPERATING                                    7,000
ALBERTINI MELANOMA         600 HIGHLAND AVENUE
     MADISON WI 53792-4678      NONE                                    JAY VAN SLOAN MEMORIAL RESEARCH             17,000
ALS ASSOCIATION            333 N WASHINGTON AVE
     MINNEAPOLIS MN 55401       NONE                                    OPERATING                                   10,000
ALS ASSOCIATION            333 N WASHINGTON AVE
     MINNEAPOLIS MN 55401       NONE                                    ALS RESEARCH - MN                           30,000
ALLIANCE FOR               1521 UNIVERSITY AVE SE
     MINNEAPOLIS MN 55414       NONE                                    OPERATING                                   11,000
ALTAI ASSISTANCE PROJECT   2351 COUNTY RTE 10
     WADHAMS NY 12993           NONE                                    OPERATING                                   10,000
AMERICAN PRAIRIE RESERVE   PO BOX 908
     BOZEMAN MT 59771           NONE                                    OPERATING                                    4,000
AMERICAN VETERANS          1931 N MEACHAM ROAD
     SCHAUMBURG IL 60173-4360   NONE                                    OPERATING                                    5,000
AMERICAN RIVERS            1101 14TH STREET NW
     WASHINGTON DC 20005-5637   NONE                                    OPERATING                                   53,000
AMICUS                     15 SOUTH 5TH STREET
     MINNEAPOLIS MN 55402       NONE                                    OPERATING                                    9,000
ARIZONA OPEN LAND TRUST    3127 N CHERRY AVENUE
     TUCSON AZ 85719            NONE                                    OPERATING                                   15,000
AUTISM SPEAKS              2 PARK AVENUE
     NEW YORK NY 10016          NONE                                    OPERATING                                   11,000
BIG BROTHERS/BIG SISTERS   2404 W BANK DRIVE
     BOISE ID 83704             NONE                                    OPERATING                                   10,000
BIG BROTHERS/BIG SISTERS   2550 UNIVERSITY AVENUE
     ST PAUL MN 55114           NONE                                    OPERATING                                    5,000
BIG BROTHERS/BIG SISTERS   160 E ALAMEDA
     TUCSON AZ 85701            NONE                                    OPERATING                                    2,000
BLACK HILLS WILD HORSE     PO BOX 998
     HOT SPRINGS SD 51747       NONE                                    OPERATING                                    6,000
BOISE AREA CRIME STOPPERS 7200 BARRISTER DRIVE
     BOISE ID 83704             NONE                                    OPERATING                                    5,000
BOISE VALLEY HABITAT       PO BOX 6571
     BOISE ID 83707             NONE                                    OPERATING                                   10,000
BOYS & GIRLS CLUB          2575 UNIVERSITY AVE W
     ST PAUL MN 55114           NONE                                    CAMP VOYAGER PROGRAM                         4,000



                                                                                                                     11
41-1680986                                            Federal Statements

                        Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                            Year ( continued)

             Name                           Address
              Address                   Relationship          Status                         Purpose               Amount
BOYS & GIRLS CLUB               610 EAST 42ND STREET
     GARDEN CITY ID 83714        NONE                                     ADA BOYS    & GIRLS CLUB                     8, 000
BOYS  & GIRLS CLUB          610 EAST 42ND STREET
     GARDEN CITY ID 83714        NONE                                     KUNA COUNTY BOYS      & GIRLS CLUB           8, 000
BOYS & GIRLS CLUB           PO BOX 40217
     TUCSON AZ 85717             NONE                                     OPERATING                                   10, 000
CAMP HEARTLAND              4425 N PORT WASHINGTON RD
     MILWAUKEE WI 53212          NONE                                     OPERATING                                    2,000
CANYON COUNTY HABITAT       2915 S MONTANA AVE
     CALDWELL ID 83605           NONE                                     OPERATING                                   10, 000
CATHOLICS   FOR A           1436 U STREET NW
     WASHINGTON DC 20009         NONE                                     OPERATING                                   22,000
CEDO                        PO BOX 44208
     TUCSON AZ 85733-4208        NONE                                     OPERATING                                   10,000
CENTRALIA KIWANIS           PO BOX 407
     CENTRALIA WA 98531          NONE                                     JENNIFER AFFELDT MEMORIAL FUND               2,000
CHARITY NAVIGATOR           1200 MACARTHUR BLVD
     MAHWAH NJ 07430             NONE                                     OPERATING                                    1,000
CHILD LANGUAGE CENTER       202 E SPEEDWAY
     TUCSON AZ 85705             NONE                                     WINGS ON WORDS     PROGRAM                   5,000
CHILDREN'S CHANCE           1617 INDEPENDENCE AVE N
     GOLDEN VALLEY MN 55427      NONE                                     OPERATING                                   10,000
CHIMP HAVEN                 13600 CHIMPANZEE PLACE
     KEITHVILLE LA 71047         NONE                                     OPERATING                                    8,000
COALITION FOR SONORAN       300 EAST UNIVERSITY BLVD
     TUCSON AZ 85712             NONE                                     OPERATING                                   24, 000
COMMUNITY VETERINARY        PO BOX 25156
     EUGENE OR 97402             NONE                                     OPERATING                                    3,000
CONCORD COALITION           1011 ARLINGTON BLVD
     ARLINGTON VA 22209          NONE                                     OPERATING                                   30, 000
COOPER RANGE                44 TRIMOUNTAIN AVE
     SOUTH RANGE MI 49963        NONE                                     OPERATING                                    2, 000
CROSSROADS ANIMAL SHELTER 2800 10TH ST SE
     BUFFALO MN 55313            NONE                                     SPAY/NEUTER PROGRAM                          5,'300
DEFENDING FARM ANIMALS      3933 21ST AVE S
     MINNEAPOLIS MN 55407        NONE                                     OPERATING                                   15, 000
DODGE COUNTY                615 N MAIN ST
     MANTORVILLE MN 55955-0456 NONE                                       OPERATING                                    1, 000


                                                                                                                       11
41-1680986                                                Federal Statements

                          Statement 11 - Form 990-PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                             Year (continued)
             Name                            Address
                Address                    Relationship         Status                         Purpose              Amount
DODGE NATURE CENTER               365 MARIE AVENUE WEST
     WEST ST PAUL MN 55118       NONE                                       OPERATING                                   5,000
DREAMCHASER PMU RESCUE      48019 N 7TH AVENUE
     NEW RIVER AZ 85087          NONE                                       OPERATING                                   5,000
EARTH JUSTICE               426 17TH ST
     OAKLAND CA 94612            NONE                                       OPERATING                                  58,000
ECO EDUCATION               1295 BANDANA BOULEVARD
     ST PAUL MN 55108            NONE                                       OPERATING                                   3, 000
EL RIO FOUNDATION           839 W CONGRESS
     TUCSON AZ 85742             NONE                                       OPERATING                                  27,000
ELECTRONIC FRONTIER FOUND 454 SHOTWELL ST
     SAN FRANCISCO CA 94110      NONE                                       OPERATING                                  28, 000
ENGLISH LEARNING CENTER     2315 CHICAGO AVE S
     MINNEAPOLIS MN 55405        NONE                                       OPERATING                                   5,000
ENVIRONMENT NORTHEAST       PO BOX 583
     ROCKPORT ME 04856           NONE                                       OPERATING                                   5,000
ENVIRONMENTAL PAPER         16 EAGLE STREET
     ASHEVILLE NC 28801          NONE                                       OPERATING                                   2,000
FAMILY PLANNING             43 GABRIEL DRIVE
     AUGUSTA ME 04332-0587       NONE                                       OPERATING                                   2,000
FARMERS LEGAL ACTION        360 NORTH ROBERT STREET
     ST PAUL MN 55101            NONE                                       OPERATING                                   5, 000
FEED MY STARVING CHILDREN 6750 W BROADWAY
     BROOKLYN PARK MN 55428      NONE                                       OPERATING                                  25,000
FIRST LIGHT FILMS           1755 SNOWMASS CREEK RD
     SNOWMASS CO 81654           NONE                                       WILD BY NATURE                              2,000
FLORIDA KEYS WILDLIFE       1388 AVE B
     BIG PINE KEY FL 33043       NONE                                       OPERATING                                   5,000
FOOD ANIMAL CONCERNS        PO BOX 14599
     CHICAGO IL 60614            NONE                                       OPERATING                                  10, 000
FREEBORN COUNTY             1031 BRIDGE AVENUE
     ALBERT LEA MN 56007         NONE                                       OPERATING                                   1, 000
FRIENDS OF CASCO BAY        43 SLOCUM DRIVE
     SOUTH PORTLAND ME 04106     NONE                                       OPERATING                                  25, 000
FRIENDS OF THE              360 N ROBERT ST
     ST PAUL MN 55101            NONE                                       OPERATING                                  34,000
FRIENDS OF THE WORLD        PO BOX 11856
     WASHINGTON DC 20008         NONE                                       OPERATING                                  15, 000


                                                                                                                        11
41-1680986                                        Federal Statements

                    Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                        Year ( continued)

             Name                       Address
              Address              Relationship       _   Status                         Purpose               Amount
GLEN CANYON INSTITUTE       1520 SUNNYDALE LN
     SALT LAKE CITY UT 84108    NONE                                  OPERATING                                   45, 000
GRANDPARENTS AS            22024 LASSEN ST
     CHATSWORTH CA 91311-8327   NONE                                  OPERATING                                   10,000
GREYHOUND RESCUE OF IDAHO 7154 W STATE ST
     BOISE ID 83714             NONE                                  OPERATING                                    2,000
HANOVER FOOD SHELF         11024 CHURCH STREET NE
     HANOVER MN 55341           NONE                                  OPERATING                                    2,500
HEARING & SERVICE DOGS     2537 25TH AVENUE S
     MINNEAPOLIS MN 55406       NONE                                  OPERATING                                   10,000
HERMITAGE NO KILL SHELTER PO BOX 13508
     TUCSON AZ 85732            NONE                                  OPERATING                                    5,000
HOUGHTON COUNTY            53150 HWY M-26
     LAKE LINDEN MI 49945       NONE                                  OPERATING                                    3,000
HUMANE SOCIETY OF          PO BOX 423
     ALBERT LEA MN 56007        NONE                                  OPERATING                                  100,000
HUMANE SOCIETY OF          3450 N KELVIN BLVD
     TUCSON AZ 85716            NONE                                  SPAY & NEUTER PROGRAM                        5,000
IDAHO ENVIRONMENTAL        PO BOX 791
     LAVA HOT SPRINGS ID 83246 NONE                                   OPERATING                                   15,000
IDAHO FOODBANK             3562 S TK AVE
     BOISE ID 83705             NONE                                  OPERATING                                    4,000
IDAHO HUMANE SOCIETY       4755 DORMAN STREET
     BOISE ID 83705             NONE                                  PFP PETS FOR ELDERLY                        10,000
INTERNATIONAL WOLF CENTER 1396 HIGHWAY 169
     ELY MN 55731-8129          NONE                                  OPERATING                                    1,500
IPAS                       PO BOX 5027
     CHAPEL HILL NC 27514       NONE                                  OPERATING                                   13,000
KBEM RADIO                 1555 JAMES AVENUE N
     MINNEAPOLIS MN 55411       NONE                                  OPERATING                                    1,000
KEWEENAW COUNTY            670 LIGHTHOUSE ROAD
     EAGLE HARBOR MI 49950      NONE                                  OPERATING                                   10, 000
KIDS & KINSHIP             14870 GRANADA AVENUE
     APPLE VALLEY MN 55124      NONE                                  OPERATING                                   10,000
LIFE'S DOORS HOSPICE       420 S ORCHARD STREET
     BOISE ID 83705             NONE                                  CAMP ERIN PROGRAM                           10,000
LIFE'S KITCHEN             1025 S CAPITOL BLVD
     BOISE ID 83707             NONE                                  OPERATING                                   10,000


                                                                                                                   1d
41-1680986                                            Federal Statements

                      Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                          Year ( continued)

             Name                         Address
                Address                Relationship         Status                         Purpose                   Amount
LITTLE BROTHERS             1845 EAST LAKE STREET
     MINNEAPOLIS MN 55407        NONE                                   OPERATING                                        3,000
LIVE THEATRE WORKSHOP       5317 E SPEEDWAY BLVD
     TUCSON AZ 85712             NONE                                   SCHOLARSHIPS                                     4,000
LUTHERAN SOCIAL SERVICES    1515 GOVERNMENT STREET
     OCEAN SPRINGS MS 39564      NONE                                   DISASTER RELIEF KATRINA                          6, 000
MAINE COMMUNITY             245 MAINE STREET
     ELLSWORTH ME 04605          NONE                                   OXFORD COUNTY-IMMEDIATE DISTRIBUTION             5,000
MAINE COMMUNITY             245 MAINE STREET
     ELLSWORTH ME 04605          NONE                                   WALDO COUNTY-IMMEDIATE        DISTRIBUTION       5,000
MAINE COMMUNITY             245 MAINE STREET
     ELLSWORTH ME 04605          NONE                                   WASHINGTON COUNTY-IMMEDIATE         DIST         5,000
MAINE COUNCIL ON            PO B OX 9715-159
     PORTLAND ME 04104           NONE                                   OPERATING                                        4, 000
MAINE PBS                   1450 LISBON STREET
     LEWISTON ME 04240           NONE                                   OPERATING                                        3,000
MAKE OLD THINGS NEW         2120 MINNEHAHA AVE S
     MINNEAPOLIS MN 55404        NONE                                   OPERATING                                        4, 000
MCCALL OUTSIDE              PO B OX 1025
     MCCALL ID 83638             NONE                                   OPERATING                                       10,000
MCPAWS REGIONAL             PO B OX 1375
     MCCALL ID 83638             NONE                                   OPERATING                                       10,000
MI NATURE ASSOCIATION       110 QUINCY ST
     HANCOCK MI 49930            NONE                                   THE KEWEENAW PENINSULA PROJECTS                  4, 000
MN CENTER FOR               26 E EXCHANGE ST
     ST PAUL MN 55101            NONE                                   OPERATING                                        8,000
MINNEAPOLIS RECREATIONAL    7220 YORK AVE S
     EDINA MN 55435              NONE                                   OPERATING                                        2,000
MINNESOTA COUNCIL ON        DEPT OF APPLIED ECONOMICS
     ST PAUL MN 55108            NONE                                   OPERATING                                        5, 000
MINNESOTA                   345 W KELLOGG BLVD
     ST PAUL MN 55102-1906       NONE                                   OPERATING                                        4,000
MN STATE FAIR FOUNDATION    1265 SNELLING AVE N
     ST PAUL MN 55108            NONE                                   OPERATING                                        2, 000
MOBILE MEALS OF TUCSON      3003 S COUNTRY CLUB RD
     TUCSON AZ 85713             NONE                                   OPERATING                                        5,000
NATIONAL GEOGRAPHIC         1145 17TH ST NW
     WASHINGTON DC 20036         NONE                                   OPERATING                                        5, 000


                                                                                                                         11
41-1680986                                                Federal Statements

                          Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                              Year (continued)

             Name                             Address
                Address                    Relationship         Status                         Purpose               Amount
NAT'L ASSN FOR HUMANE      67 N ORWICH-ESSEX TPKE
     EAST HADDAM CT 06423-1736 NONE                                         ADOPT A CLASSROOM FOR KIND NEWS              5, 000
NAT'L COALITION AGAINST    32 R D 2 ABN
     CODY WY 82414              NONE                                        OPERATING                                   30, 000
NATIONAL MS SOCIETY        1674 HILL ROAD
     BOISE ID 83702             NONE                                        RESEARCH                                     2,000
NATIONAL PARKS             1300 19TH STREET NW
     WASHINGON DC 20036         NONE                                        OPERATING                                    4,000
NATIONAL STUTTERING        119 W 40TH STREET
     NEW YORK NY 10018          NONE                                        OPERATING                                    4, 000
NATIONAL TRUST OF          1785 MASSACHUSETTS AVE NW
     WASHINGTON DC 20036        NONE                                        OPERATING                                    3,000
NATIVE SEEDS/SEARCH        526 N 4TH AVENUE
     TUCSON AZ 85705            NONE                                        OPERATING                                   10, 000
NATURAL RESOURCES          40 W 20TH ST
     NEW YORK NY 10011          NONE                                        OPERATING                                   43,000
NATURE CONSERVANCY         1510 E FT LOWELL ROAD
     TUCSON AZ 85719            NONE                                        OPERATIONS                                  25,000
NATURE CONSERVANCY         1510 E FT LOWELL ROAD
     TUCSON AZ 85719            NONE                                        OPERATING                                   20,000
NATURE CONSERVANCY         1101 WEST RIVER PKWY
     MINNEAPOLIS MN 55415       NONE                                        OPERATING                                    2, 000
NATURE CONSERVANCY         4245 N FAIRFAX DR
     ARLINGTON VA 22203         NONE                                        OPERATING                                   20, 000
NATURE CONSERVANCY         923 NU'UANU AVE
     HONOLULU HI 96816          NONE                                        UNGULATE CONTROL PROGRAMME                   5, 000
NATURE CONSERVANCY         116 FIRST AVENUE NORTH
     HAILEY ID 08333            NONE                                        OPERATING                                    5, 000
NATURE CONSERVANCY         14 M AINE ST
     BRUNSWICK ME 04011         NONE                                        OPERATING                                   25, 000
NATURE CONSERVANCY         1101 WEST RIVER PKWY
     MINNEAPOLIS MN 55415       NONE                                        NW LAKE SUPERIOR COAST - TROUT BAY          10,000
NATURE CONSERVANCY         1101 WEST RIVER PKWY
     MINNEAPOLIS MN 55415       NONE                                        OPERATING                                   40, 000
NATURE CONSERVANCY         559 EAST SOUTH TEMPLE
     SALT LAKE CITY UT 84102    NONE                                        OPERATING                                    4, 000
NEPAL SOCIAL SERVICE FUND 4413 0 297TH STREET
     CLARKS GROVE MN 56016      NONE                                        OPERATING                                   10, 000


                                                                                                                         11
41-1680986                                                Federal Statements

                          Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                              Year (continued)
             Name                             Address
                Address                    Relationship         Status                         Purpose               Amount
NORTHEAST WILDERNESS              14 BEACON STREET
     BOSTON MA 02108                   NONE                                 OPERATING                                    6,000
NORTHWEST ANIMAL                  PO BOX 6376
     BOISE ID 83707                    NONE                                 OPERATING                                   25,000
NORTHWEST EARTH                   317 SW ALDER
     PORTLAND OR 97204                 NONE                                 OPERATING                                    3,000
NORWEGIAN LUTHERAN CHURCH         608 ELM ST
     CALUMET MI 49913                  NONE                                 OPERATING                                    9,000
OLD PUEBLO TROLLEY                3736 N TUCSON BLVD
     TUCSON AZ 85716-1039              NONE                                 OPERATING                                    5,000
ONE GENERATION                    17400 VICTORY BLVD
     VAN NUYS CA 71406                 NONE                                 OPERATING                                   10,000
PARENT CONNECTION                 5326 E PIMA ST
     TUCSON AZ 85712                   NONE                                 OPERATING                                   15,000
PETS FOR THE ELDERLY              7200 CENTER ST
     MENTOR OH 44060                   NONE                                 OPERATING                                    5,000
PLANNED PARENTHOOD                1200 LAGOON AVE S
     MINNEAPOLIS MN 55408              NONE                                 REAL TALK - REAL LIFE PROGRAM               25,000
PLANNED PARENTHOOD                1109 MAIN STREET
     BOISE ID 83702                    NONE                                 OPERATING                                    5,000
PLANNED PARENTHOOD                1200 LAGOON AVE S
     MINNEAPOLIS MN 55408              NONE                                 OPERATING                                   13,000
PLANNED PARENTHOOD                434 WEST 33RD STREET
     NEW YORK NY 10001                 NONE                                 OPERATING                                    5,000
PLANNED PARENTHOOD                2255 N WYATT DRIVE
     TUCSON AZ 85712                   NONE                                 OPERATING                                   20,000
PLYMOUTH SOCCER                   14800 34TH AVENUE NO
     PLYMOUTH MN 55447                 NONE                                 PSA SCHOLARSHIP FUND                         4,000
PRESERVATION ALLIANCE OF          75 W 5TH STREET
     ST PAUL MN 55102                  NONE                                 OPERATING                                    5,000
PUBLISHING YOUNG AUTHORS          5348 HILL ROAD
     BOISE ID 83703                    NONE                                 OPERATING                                    2,000
QUAKER SCHOOL OF HORSHAM          318 MEETING HOUSE ROAD
     HORSHAM PA 19044                  NONE                                 MAGGIE FINE FUND                            30,000
RED ROCK FOREST                   90 W CENTER STREET
     MOAB UT 84532                     NONE                                 'OPERATING                                   4,000
RURAL ADVANTAGE                   1243 LAKE
     FAIRMONT MN 56031                 NONE                                 OPERATING                                    7,000


                                                                                                                         11
41-1680986                                              Federal Statements

                        Statement 11 - Form 990 -PF, Part XV , Line 3a - Grants and Contributions Paid During the
                                                            Year (continued)
             Name                           Address
                Address                  Relationship          Status                         Purpose               Amount
SALVATION ARMY                  297 CUMBERLAND AVENUE
     PORTLAND ME 04104               NONE                                  OPERATING                                   30, 000
SAVE THE CHILDREN               54 WILTON ROAD
    WESTPORT CT 06880                NONE                                  REPRODUCTIVE HEALTH PROGRAM                 13, 000
SECOND CHANCE CENTER FOR        11665 N HIGHWAY 89
     FLAGSTAFF AZ 86004              NONE                                  PLATEAU LAND MOBIL VET CLINIC                4,000
SESAME STREET WORKSHOP          ONE LINCOLN PLAZA
     NEW YORK NY 10023               NONE                                  OPERATING                                    5, 000
SHEPERD'S HOME                  PO BOX 2011
    MCCALL ID 83638                  NONE                                  OPERATING                                    4,000
SIERRA CLUB NATIONAL            85 SECOND STREET
     SAN FRANCISCO CA 9410     5-34 NONE                                   OPERATING                                    6, 000
SIERRA CLUB                     2327 E FRANKLIN AVE
    MINNEAPOLIS MN 55406             NONE                                  OPERATING                                    6, 000
SIMPLY CATS                     2833 S VICTORY VIEW WAY
     BOISE ID 83709                  NONE                                  OPERATING                                   10,000
SITKA CONSERVATION              PO BOX 6533
    SITKA AK    99835                NONE                                  OPERATING                                    5, 000
SONORAN INSTITUTE               7650 E BROADWAY
     TUCSON AZ 85710                 NONE                                  OPERATING                                   13,000
SPAY NEUTER IDAHO PETS          1077 S GARDEN PL
     BOISE ID 83705                  NONE                                  OPERATING                                    7, 000
SUNSET HILL ELEMENTARY          13005 SUNSET TRAIL
     PLYMOUTH MN 55441               NONE                                  THE NATURE CENTER                            2,000
SWIMBA                          1387 S VINNELL WAY
     BOISE ID 83709                  NONE                                  OPERATING                                    1,000
TREES FOREVER                   770 7TH AVE
     MARION IA 52302                 NONE                                  OPERATING                                    5, 000
TUCSON COMMUNITY                3003 SOUTH COUNTRY CLUB R
     TUCSON AZ 85726-6767            NONE                                  OPERATING                                   18,000
TUCSON PBS KUAT                 PO BOX 210067
     TUCSON AZ 85721-0067            NONE                                  OPERATING                                    2, 000
TUCSON PBS KUAZ RADIO           PO BOX 210067
     TUCSON AZ 85721-0067            NONE                                  OPERATING                                    2, 000
UNION FOR                       TWO BRATTLE SQUARE
     CAMBRIDGE MA 02238              NONE                                  OPERATING                                   10, 000
UPPER PENINSULA                 534 ISLE ROYALE STREET
     LAURIUM MI 49913                NONE                                  OPERATING                                    3, 000


                                                                                                                        11
41-1680986                                            Federal Statements

                      Statement 11 - Form 990 -PF, Part XV, Line 3a - Grants and Contributions Paid During the
                                                          Year ( continued)
             Name                         Address
                Address                Relationship         Status                         Purpose               Amouni
VIRGINIA PIPER CANCER         ABBOTT NW HOSPITAL
     MINNEAPOLIS MN 55407          NONE                                 OPERATING                                    4, 000
VISION LOSS RESOURCES         1936 LYNDALE AVENUE SOUTH
     MINNEAPOLIS MN 55403          NONE                                 OPERATING                                    4, 000
WARM THY NEIGHBOR             PO BOX 195
     BRUNSWICK ME 04011            NONE                                 OPERATING                                   10,000
WILD EARTH GUARDIANS          312 MONTEZUMA AVE
     SANTA FE NM 87501             NONE                                 OPERATING                                   10,000
WILDLIFE REHAB CENTER         2530 DALE ST N
     ROSEVILLE MN 55113            NONE                                 OPERATING                                   10,000
WORLD VISION                  4325 UPTON AVENUE SOUTH
     MINNEAPOLIS MN 55410          NONE                                 KOLWEZI WATSAN D50184789                    12,000
WORLD WATCH                   1776 MASSACHUSETTS AVE NW
     WASHINGTON DC 20036           NONE                                 OPERATING                                    5, 000
WRIGHT COUNTY                 10 SECOND ST NW
     BUFFALO MN 55313              NONE                                 ST MICHAEL ELEMENTARY                        3, 000
WYAR RADIO                    PO BOX 414
     YARMOUTH ME 04096             NONE                                 OPERATING                                    3,000
XL HOSPICE                    1717 CRESTMONT DR
     MERIDIAN ID 83646             NONE                                 OPERATING                                    8,000
     TOTAL                                                                                                       1,703,000




                                                                                                                     11
41-1680986                        Federal Statements

                                 Form 990 - PF - General Footnote
                                        Description
PART I, REVENUE AND EXPENSES
DIVIDENDS AND INTEREST FROM SECURITIES
TOTAL INTEREST AND DIVIDENDS                                    $       842,732
LESS INTEREST PURCHASED                                             (   168,775)

NET   INTEREST AND DIVIDENDS ,   LINE   4                       $       673,957
                                    Steven C Leuthold Family Foundation
                                            FEIN # 41-1680986
                                          PORTFOLIO APPRAISAL
                                            Account Number 305
                                                12/31/2008



                                                      Cost                     Market
                                                      Basis                     Value

Balance per Page 4                                 33,169,323 87             27,621,755.91

Cost Adjustments.
                                Accrued Interest                       E       (160,510.25)
                    2008 Dividends: Paid in 2009       11,667 90                 11,667.90

                                                       11,667.90       C       (148,842 35)

Industrial Metals                                     139,884 00       D




Market Value Corrections:
                                       Equities                        A             (1.64)
                                   US Treasury                0.01     B            (53.49)
                             Cash/Mutual Funds                         C         (4,553 85)
                                 Foreign Bonds                         E         (4,460 26)



TOTAL PORTFOLIO                                    33,320,875.78             27,463,844.32




Equities                                           18,067,149 83     Sum A   15,009,054.30
US Treasury                                         1,774,790.28     Sum B    1,782,946.51
Cash / Mutual Funds                                 7,310,335.93     Sum C    5,548,426 63
Industrial Metals                                     139,884.00     Sum D      263,905 04
Foreign Bonds                                       6,028,715.74     Sum E    4,859,511 84



TOTAL PORTFOLIO                                    33,320,875.78             27,463,844 32




                                             Attachment # 1 1/5
Leuthold Weeden Capital Management
PORTFOLIO APPRAISAL - SETTLED TRADES
Account Number 305
Steven C. Leuthold Family Foundation
      31-Dec-08

                                                        Total                                Market
Quantity           Security                             Cost                 Price           Value
                   ----- -----------

CASH AND EQUIVALENTS
-------- -------
                 Short Term Inv'T Fd                             649936.93                      649936 93
                                                                         -------------- ------ ----
                                                                 649936.93                      649936.93

TREASURY BILLS

       1783000 United States Treas Bills Dtd 02/12/09           1774790.27         100          1783000
                                                                         ------------- ------ ---
                                                                1774790.27                            1783000

BONDS(AUD)

       1990000 New South Wales Tsy                              1785453.39            72.7       1446668 82
               6.000% Due 05-01-12
       2067000 New South Wales Tsy                              1794801.26           72.16        1491548.9
               5.500% Due 08-01-14
               Accrued Interest                                                                 46804.95
                                                                         ------------- ------ -----
                                                                3580254.65                    2985022.67

BONDS(BRL)

       4339000 Brazil (Fed Rep Of)                              2448461.09       44.38           1925754.38
               12.500% Due 01-05-22
               Accrued Interest                                                                       113705.3

                                                                2448461.09                       2039459 69

HIGH YIELD BOND FUNDS

     87044.425     Fidelity High Income Fund (#455)              625868.37            6.04        525748.33
     98118 . 209   Northern Fds Hi Yld Fx Incm                   622427.53            5.73        562217.34
    111864 .071    Price T Rowe High Yield Fd Inc Com            623915.91            4.69        524642.49
    128659 . 812   Vanguard Hi Yld Corp Fd                       619623.93            4.27         549377.4

                                                                2491835.74                       2161985.55

COMMON STOCKS

           5276 Acorda Therapeutics Inc Corn                     111231.33           20.51        108210.76
 6328   Advance Auto Parts Inc Com              277745.71    33.65      212937.2
 6572   Alexion Pharmaceuticals Inc Corn         237433.2    36.19     237840 68
 9332   Alkermes Inc Com                         83360 87    10.65       99385.8
 1033   Allergan Inc Com                          50514.4    40.32      41650.56
 4206   Allos Therapeutics Inc Com               32202.61     6.12      25740.72
 3342   Alnylam Pharmaceuticals Inc Corn         84903.17    24.73      82647.66
 1448   American Public Education Inc            54997 65    37.19      53851.12
 1981   Apollo Group Inc. (Cl A)                145700.77    76.62     151784.22
 1577   Apple Inc Com                            250853.7    85.35     134596.95
23452   Autonation Inc Com                      294366.94     9.88     231705.76
 2253   Autozone Inc Com                        309492.65   139.47     314225.91
 9257   Biogen Idec Inc Com                     542302.44    47.63     440910.91
 8224   Bjs Wholesale Club Inc Com              295552.43    34.26     281754.24
 7435   BMC Software Com                         189878 3    26 91     200075.85
 4144   Bristol Myers Squibb Co Corn             89098.67    23 25         96348
 2835   Cameco Corp Corn                         94699.42    17.25      48903.75
 5426   Cetera Corp Com                          65115.78    11.13      60391.38
 7980   Celgene Corp Com                        423389.09    55 28      441134.4
 3079   Cephalon Inc Com                        223603.43    77.04     237206.16
 6478   Cepheid Inc Corn                         95201.24    10.38      67241.64
 4131   China Sunergy Co Ltd Spon Adr            33053.62     3.95      16317.45
11285   Cisco Sys Inc Com                        2500996      16.3      1839455
 1840 Clean Harbors Inc Corn                     134425.4    63.44      116729.6
 6196 Community Health Sys Inc Newco Com        200470 13    14.58      90337.68
 6478 Companhia Brasileira De Distrb Spon Adr   214909 75    27.56     178533.68
 8954 Corithian College                         138433.32    16.37     146576.98
 2666 Covanta Hldg Corp Com                       74105.5    21 96      58545.36
 8243 Cv Therapeutics Inc Com                    81620.39     9.21      75918.03
 5915 Cvr Energy Inc Corn                       136561.43        4         23660
12486 Dendreon Corp                              63949.76     4.58      57185.88
 2515 Devry Inc                                 142347.49    57.41     144386.15
 1810   Energy Conversion Devices Inc Com        44163.64    25 21       45630.1
13369   Energysolutions Inc Depositary Sh       262430.95     5.65      75534.85
 2523   Facet Biotech Corp.                         32799     9.59      24195 57
  751   First Solar Inc Com                     163378.53   137.96     103607.96
12449 Frontier Oil Corp Corn                    276754.22    12.63     157230 87
 4976   Genentech Inc Com                        363206.3    82.91     412560.16
 3680   Genzyme Corp Com                        268285.14    66.37      244241 6
 7022   Gilead Sciences Inc Com                 324716.69    51.14     359105 08
  507   Google Inc Cl A                         248575.54   307.65     155978.55
 3886   Grand Canyon Education Inc               60961 05    18.78      72979.08
 6065   Group 1 Auto Inc Corn                   124040.68    10 77      65320.05
 2178   GTx Inc Com                              33216.33    16 84      36677.52
 6422   Halozyme Therapeutics Inc Com            30719.49      5.6       35963.2
 7079   Hewlett Packard Co Com                  299397.96    36.29     256896.91
 3718 Holly Corp                                151714.34    18.23      67779.14
19096   Home Depot Inc Com                      456170.24    23   02   439589.92
14589   Intel Corp Corn                         299017.44    14   66   213874.74
 2197   International Business Machs Com        248984.53    84   16   184899.52
 5464   Isis Pharmaceuticals Inc                 80370.45    14   18    77479.52
 3342   Itron Inc Corn                          270093.35    63   74   213019.08
 1600   ITT Educational Services Inc            137603.84    94   98      151968
      17406 Ja Solar Holdings Co Ltd Spon Adr       273856.23      4.37      76064.22
       6439 King Pharmaceuticals Inc Com             70506.03     10.62      68382.18
       6096 Lifepoint Hospitals Inc Com             175689 25     22.84     139232.64
       2272 Lilly Eli & Co Com                        102192 9    40.27      91493.44
      20767   Lowes Cos Inc Corn                    451969.03     21.52     446905.84
       4112   Martek Biosciences Corp Com           121948.28     30.31     124634.72
       9031   Micro Systems Inc Corn                152342.06     16.32     147385.92
      12242   Microsoft Corp Com                    316188.35     19.44     237984.48
       2516   Myriad Genetics Inc Corn               130121.5     66.26     166710.16
      10627   Nokia Corp Sponsored Adr              239177.57      15.6      165781.2
       1803   Novartis A G Sponsored Adr            105148.38     49.76      89717.28
      41214 Novell Inc Corn                          193235.11     3.89     160322.46
      15828   Oracle Corp Corn                       324820 8     17.73     280630.44
       4995   Ormat Technologies Inc Com            229822.86     31.87     159190 65
       2403   Osi Pharmaceuticals Inc Com           109546.76     39.05      93837.15
      12618   PdI Biopharma Inc Com                 126090.18      6.18      77979.24
       5802   Pentair Inc Com                       197154.08     23.67     137333 34
       3211   Progress Software Corp Com             77378.92     19.26      61843 86
       5696   Psychiatric Solutions Inc Corn        206094 23     27.85      158633.6
       1582   Qualcomm Inc Com                       85450.52     35.83      56683.06
       3999   Quality Systems Inc Com                156799.4     43.62     174436.38
      14439   Red Hat Inc Corn                      200423.28     13.22     190883.58
       5295   Rigel Pharmaceuticals Inc Corn         46836.37         8         42360
        819   Roche HIdg Ltd Sponsored Adr           55384.63     76.34      62522.46
       3624 Roper Inds Inc New Corn                 214565.57     43.41     157317.84
       3061   Sanofi Aventis Sponsored Adr           105074.68    32.16      98441.76
       5971   Seattle Genetics Inc Com                62246.07     8.94      53380.74
       3286   Sherwin Williams Co Com                188526.14    59.75      196338.5
       3962   Sonic Automotive Inc CI A               41000.61     3.98      15768.76
       6853   Stencycle Inc Com                      376995.95    52.08     356904.24
        610   Strayer Education Inc                  140346 36   214.41      130790.1
       3755   Sun Healthcare Group Inc Com New        57400.83     8.85      33231.75
       6759   Sunoco Inc Com                         271829.93    43.46     293746.14
       2741 Sunpower Corp Corn CI A                  256426.51       37       101417
       5389 Suntech Pwr Hldgs Co Ltd Adr             280693.62     11.7       63051.3
       7210 Sybase Inc Com                           193379.45    24.77      178591.7
      14627   Tesoro Corp Com                       269365 65     13.17     192637.59
       9764   Tetra Tech Inc New Com                234413 35     24.15      235800.6
       2839   Teva Pharmaceutical Inds Ltd Adr       119268.2     42.57     120856.23
       1202   United Therapeutics Corp Del Com      118435.22     62.55       75185.1
       2801   Universal HIth Svcs Inc CI B          159304 99     37.57     105233.57
       7548   Valero Energy Corp New Com            266544 14     21.64     163338.72
       5520   Vca Antech Inc Com                    159532.36     19.88      109737.6
       2286   Veolia Environnement Sponsored Adr    114401.29     31.71      72489.06
      10383   Wal Mart Stores Inc Com               484161.71     56.06     582070.98
       8431   Wind River Systems Com                  75244.4      9.03      76131.93
       1353   Woodward Governor Co                   26742.45     23.02      31146.06
       2647   Wyeth Com                             104853.73     37 51      99288.97

                                                   18067149.83            15009055.94

EMERGING COUNTRY FUNDS
         2803   Barclays Bk Plc Ipms India Etn                         182128.39         31 64           88686.92
         1158   Central Europe And Russia Fd Com                        24485.79         16.43           19025.94
    15023.964   Fidelity Invt Tr H Kong & China                        342442.03         17.01          255557.63
     5488 252   ING Russia Fund Class A                                171493.32         13.88           76176.94
         2126   Ishares Inc Msci Brazil                                   97166.9        34.99           74388.74
         9099   Ishares Inc Msci Malaysia                               85777.84           7.29          66331.71
         4680   Ishares Inc Msci S Korea                               241950.56         27.97           130899.6
         9152   Ishares Inc Msci Singapore                             122149.32           7.05           64521.6
         1169   Ishares Inc Msci Sth Afrca                              51843.58         38.53           45041.57
         4752   Ishares Inc Msci Taiwan                                 65867.76           7.59          36067.68
        27983   Ishares Tr Ftse Xnhua Idx                              939147.57         29.09          814025.47
         8554   (shares Tr Msci Emerg Mkt                              375803.21         24.97          213593.38
         5596   Ishares Tr S&P Ltn Am 40                               208220.04         25.47          142530.12
        10138   Market Vectors Etf Tr Russia Etf                       244727.48         13.07          132503.66
    17688 326   Matthews Intl Fds China Fd I                          417526.39          14.34          253650.59
     9120 775   Matthews Intl Fds India Fds                            148319.61           8.37          76340.89
          895   Spdr Index Shs Fds Mideast Africa                       61498.53         42 74            38252 3
         1936   Templeton Rus And East Eur Fd Com                       42379.04            7.8           15100.8
    36463.779   U.S.Global Accolade Funds Eastern Euroi                    333968          5.12         186694.55
                                                          ---------------       ---- ---------- ------ ---
                                                                     4156895.36                       2729390 09

INDUSTRIAL METALS

      461 508 Leuthold Industrial Metals Fund, Lp                              0    571 83          263905.04
                                                          ----------------     ------------ ------ ----
                                                                               0                     263905.04


                                                          -------- ------     --------------- ----- ----
TOTAL PORTFOLIO                                                     33169323.87                   27621755.91
                                                          ----------------
                                                          ----------------               ----------------
                                                                                         ----------------
                                                Steven C Leuthold Family Foundation
                                                         FEIN # 41-1680986
                                                   REALIZED GAINS & (LOSSES)
                                                        Account Number 305
                                                             12/31/2008


                                                         Cost                                         Short         Long
                                                         Basis                    Proceeds            Term          Term

Balance per Page 15                                    50,895,937 86             50,158,296 53      -997,78685     260,145 52

Adjustments,
                 Enterprise Products Partners LP           -7,357 07                                   7,357.07
                        Atlas Pipeline Partners LP         -7,090 66                                   7,090 66
                     El Paso Pipeline Partners LP            -280 71                                     280 71
              Kinder Morgan Energy Partners LP            -20,507 92                                  20,507 92
                 Magellan Midstream Partners LP            -1,124.25                                   1,12425
                               Oneok Partners LP           -1,70540                                    1,70540
                    Sunoco Logistics Partners LP             -122 18                                     122 18
                        Energy Transfer Equity LP          -2,389 88                                   2,389.88
                             Buckeye Partners LP           -1,94980                                    1,949 80
                              Copano Energy LLC            -5,007.60                                   5,007 60
      Companhia Brasileira De Distribuicao Global                                       300 57           300 57
              Leuthold Industrial Metals Fund, LP          74,243.00                                -228,155 00    153,912 00
                               Facet Biotech Corp               -7 80                                      7.80
                                    Pharmion Corp          65,391 02                  65,391 02
                                     Miscellaneous          -6,51595                                   6,515.95


TOTAL REALIZED GAIN / (LOSS)                           50,981,512 66             50,223,988.12    -1,171,582.06    414,057 52
NET GAIN / (LOSS)                                                                                   -757,524.54




SHORT TERM                                            42,256,079 59             41,084,497.53     (1,171,582.06)

LONG TERM                                               8,725,433 07              9,139,490 59                     414,057.52


TOTAL PORTFOLIO                                       50,981,512 66             50,223,988.12     (1,171,582.06)   414,057.52




                                                                            Attachment # 2 1/16
Leuthold Weeden Capital Management
REALIZED GAINS AND LOSSES - SETTLED TRADES
Account Number 305
Steven C. Leuthold Family Foundation
From 01 -01 -08 Through 12-31-08

                                                                                                                Gain Or Loss

Open             Close                                                       Cost
Date             Date             Quantity     Security                      Basis            Proceeds          Short Term      Long Term
--------         --------         ----------   ------------------------      --------------   --------------    -------------   -------------

      9/7/2007         1/7/2008          924   Southern Copper Corp                99608.96           97272.6       -2336.36
      5/7/2007         1/7/2008           46   Southern Copper Corp                 3713.64           4842.58        1128.94
     11/7/2007         1/7/2008         1200   Shaw Group Inc Com                  87370.76          74209.14      -13161 62
      8/7/2006         1/7/2008         1142   Century Aluminum Comp               38842.92          61428.14                          22585.22
      6/7/2007         1/7/2008          157   Alcoa Inc                            6469.97           5688.15         -781.82
      5/4/2006         1/7/2008          373   Alcoa Inc                           12783.87          13513.88                            730.01
      7/7/2006         1/7/2008          925   Alcoa Inc                           30736.77          33512 98                           2776.21
     3/28/2006         1/7/2008          216   Alcoa Inc                            6428.16           7825.73                           1397.57
      1/6/2006         1/7/2008         1431   Alcoa Inc                           42477.49          51845 48                           9367.99
      8/7/2006         1/7/2008          694   Alcoa Inc                           20162.99          25143.79                            4980.8
      5/8/2007         1/7/2008          310   Alcoa Inc                              10881          11231.38         350.38
      2/9/2007         1/7/2008          845   Alcoa Inc                           27745.41          30614.55        2869 14
     10/3/2006         1/7/2008          473   Ishares Tr Msci Emerg Mkt           45974.56          69887.05                          23912.49
     10/3/2006         1/7/2008         2173   Ishares Inc Msci S Korea           103013.45         134665.26                          31651 81
     10/3/2006         1/7/2008          838   Ishares Inc Msci Brazil             32264.93          67451.76                          35186.83
     10/3/2006         1/7/2008          410   Ishares Tr Ftse Xnhua Idx           33440.54          68857.33                          35416.79
     11/8/2007         1/7/2008         1228   Johnson Controls Inc                52893.91          42824.74      -10069.17
     10/4/2007         1/7/2008         5307   Johnson Controls Inc               213347.81         185074 01       -28273.8
      5/8/2007         1/7/2008          210   Titanium Metals Corporation             7161           5481.03       -1679 97
     2/16/2007         1/7/2008          357   Titanium Metals Corporation         12133.75           9317.74       -2816.01
      7/7/2006         1/7/2008          574   Titanium Metals Corporation         19808.13          14981.47                          -4826.66
     11/7/2006         1/7/2008         1282   Titanium Metals Corporation         37924.25          33460.36                          -4463.89
      4/6/2006         1/7/2008         2076   Titanium Metals Corporation         52128.25          54183.85                            2055.6
     11/7/2007         1/7/2008         2924   Tenneco Inc Com                     89056.67          75976.53      -13080.14
     10/4/2007         1/7/2008          412   Magna Intl Inc CI A                 39575.52          32278.66       -7296.86
 10/4/2007    1/7/2008       1410   Autoliv Inc                        85148 74     73925.62   -11223.12
 12/7/2006    1/7/2008       1739   Carolina Group                    108731.15    146171.75                 37440 6
 2/16/2007    1/7/2008         52   Carolina Group                      3649 29      4370 86      721 57
  2/6/2007    1/7/2008        651   Carolina Group                     44545.06     54719.84    10174.78
  2/9/2007    1/7/2008        361   Carolina Group                     24522 41     30343.88     5821.47
 10/4/2007    1/7/2008       5817   Gentex Corp                       125718 61    101136 45   -24582 16
 11/7/2006    1/7/2008       1478   Partnerre Ltd Com                  1034275     121014.87                17587 37
  6/7/2007    1/7/2008         63   Partnerre Ltd Com                   4762 17      5158.28      396.11
  5/8/2007    1/7/2008        128   Partnerre Ltd Com                   9381.12     10480.32      1099.2
  2/9/2007    1/7/2008        226   Partnerre Ltd Com                  15996.33      18504.3     2507 97
 2/16/2007    1/7/2008        107   Partnerre Ltd Com                   7556.67      8760 89     1204 22
  9/7/2007    1/7/2008       2621   Freeport-Mcmoran Copper B         235358 07    269910 16    34552.09
  6/7/2007    1/7/2008        180   Freeport-Mcmoran Copper B           14200.2     18536.37     4336.17
  5/8/2007    1/7/2008        366   Freeport-Mcmoran Copper B          25861.56     37690 62    11829 06
  5/7/2007    1/7/2008        871   Freeport-Mcmoran Copper B          59538.95     89695.45     30156.5
 10/4/2007    1/8/2008       1758   Magna Intl Inc CIA                168868 36    133953 41   -34914 95
12/13/2006    1/8/2008       2678   Fnx Mng Co Inc Com                 40749.26     81788.34                41039 08
12/18/2007    1/9/2008       2665   Kohl'S Corp                        1268532     108809 48   -18043.72
12/18/2007    1/9/2008       4916   Continental Airls Inc Cl B        122801.32     97216.83   -25584.49
12/19/2007    1/9/2008       1309   Western Refining Inc               34779.75     27753.51     -7026.24
12/18/2007    1/9/2008      14515   Advanced Micro Devices            127925.05     90965.56   -36959.49
12/18/2007    1/9/2008       7484   Us Airways Group Inc              119177 23     90894.77   -28282.46
12/18/2007    1/9/2008       6073   Kb Home                           136555 76    114569.03   -21986.73
12/18/2007    1/9/2008       7804   Lennar Corp                       137017.95    123249.02   -13768 93
12/19/2007    1/9/2008       7078   National City Corp                119069.16    103887 16       -15182
12/21/2007    1/9/2008       5717   Usec Inc Com                       53175.53     45956.54     -7218.99
12/20/2007    1/9/2008       3992   Usec Inc Com                       36011.85        32090     -3921.85
12/19/2007    1/9/2008       5371   Usec Inc Com                       48136.99      43175.2     -4961.79
12/24/2007   1/11/2008       6205   Proshares Tr Ultrasht Sp500       341621.79    359234.13    17612.34
  1/4/2008   1/11/2008       3611   Proshares Tr Ultrasht Sp500       194197.06    209056.31    14859.25
11/20/2007   1/15/2008       7312   Barclays Bk Plc Etn Ipth Ind M    344470.08    339556.08        -4914
  1/4/2008   1/24/2008       3035   Proshares Tr Ultrasht Sp500       163220 19    199968 47    36748.28
  1/3/2008   1/24/2008       6696   Proshares Tr Ultrasht Sp500       355817.37    441182.49    85365 12
12/27/2007   1/22/2008   16924.94   Grizzly Short Fund                 88009.66    101380.36      13370 7
10/31/2007   1/22/2008   374065 6   Grizzly Short Fund               1825440.37   2240653.24   415212.87
 5/22/2007   1/22/2008   19034.57   Grizzly Short Fund                 90033.52    114017.08    23983.56
 7/19/2007   1/22/2008     122863   Grizzly Short Fund                581141.95    735949.32   154807.37
 7/19/2007   1/23/2008   390619.8   Grizzly Short Fund                 1847631.49      2332000   484368.51
12/18/2007   1/28/2008      16415   Alcatel-Lucent Sponsored Adr        128196 02     93086 39   -35109 63
 1/25/2008   1/30/2008       2477   Spdr Tr Unit Ser 1                  315887 75    334132 47    18244.72
 10/4/2007    2/6/2008       4842   Lkq Corp Com                         82051.82     92412.66    10360.84
10/25/2007    2/6/2008    2768000   United States Treas Nts 3.7500r    2764111.09   2779020.75    14909.66
                                    3 750% Due 05-15-08
12/19/2007    3/6/2008      2291    Biogen Idec Inc Corn                134458.54    133715 26     -743 28
 10/4/2007    3/6/2008      2726    Borgwarner Inc                      129296.46    115945.76    -13350.7
 10/4/2007    3/6/2008      2299    Lincoln Natl Corp Ind Corn          154838.06    115265.35   -39572.71
 11/7/2007    3/6/2008      2433    Nii Holdings Inc                     141114.7     97796.79   -43317 91
  1/7/2008    3/6/2008      1336    Principal Financial Grp Inc          91279.66     72693.05   -18586.61
 10/4/2007    3/6/2008      2404    Principal Financial Grp Inc         154958.06    130803.95   -24154.11
  6/7/2007    3/6/2008       224    Telefonos De Mexico S.A De C          9179.52       7357.1    -1822.42
  5/8/2007    3/6/2008       453    Telefonos De Mexico S.A. De C        16176.63     14878.42    -1298.21
  2/9/2007    3/6/2008       790    Telefonos De Mexico S.A. De C        24491.03     25946.92                1455.89
 2/16/2007    3/6/2008       388    Telefonos De Mexico S A. De C        11532.14     12743 55                1211.41
 12/7/2006    3/6/2008      1682    Telefonos De Mexico S.A. De C        44963 66     55243 96                10280 3
 10/5/2006    3/6/2008      1544    Telefonos De Mexico S.A. De C        39433.11     50711.45               11278 34
  9/8/2006    3/6/2008      1982    Telefonos De Mexico S.A. De C        49206.98     65097.22               15890.24
  2/9/2007    3/6/2008       156    Philippine Long Distance Tel Sp.      8266.46     10939.86                 2673.4
  2/6/2007    3/6/2008      1045    Philippine Long Distance Tel Sp.     55341.48     73283.01               17941.53
 2/16/2007    3/6/2008        76    Philippine Long Distance Tel Sp.      3876.87      5329.67                 1452.8
  6/7/2007    3/6/2008        90    Philippine Long Distance Tel Sp.         5175      6311.46     1136.46
  5/7/2007    3/6/2008       355    Philippine Long Distance Tel Sp.     19072.68     24895.18      5822.5
 10/4/2007    3/6/2008       945    Prudential Financial Inc             93876.82     67004.52    -26872.3
  6/8/2007    3/6/2008      1369    Rogers Commun Cl B                   56668.72     54386.18    -2282.54
  6/7/2007    3/6/2008       620    Rogers Commun Cl B                   25657.09      24630.7    -1026.39
 11/8/2007    3/6/2008      2922    Sk Telecom Ltd Sponsored Adr         87691.08     64717.38    -22973 7
  6/7/2007    3/6/2008      2636    Sk Telecom Ltd Sponsored Adr          71385 2     58382.96   -13002.24
12/19/2007    3/6/2008      5313    Ericsson (Lm) Tel Adr                131065.9    112480 81   -18585.09
12/18/2007    3/6/2008      8300    Washington Mutual Inc               128620.12     117435.4   -11184 72
 10/4/2007    3/7/2008       610    Prudential Financial Inc             60597.73     43020.74   -17576.99
  6/7/2007    3/7/2008       588    Sk Telecom Ltd Sponsored Adr         15923.56        12938    -2985.56
  5/8/2007    3/7/2008       205    Sk Telecom Ltd Sponsored Adr          5479.65       4510.7     -968.95
  2/6/2007    3/7/2008      2385    Sk Telecom Ltd Sponsored Adr         57492.94     52478.11               -5014.83
  2/9/2007    3/7/2008       358    Sk Telecom Ltd Sponsored Adr          8560.75      7877.22                -683.53
 2/16/2007    3/7/2008       180    Sk Telecom Ltd Sponsored Adr          4285.26      3960.61                -324.65
  5/7/2007    3/7/2008        921   Philippine Long Distance Tel Sp     49481.53    64430 37    14948.84
  5/8/2007    3/7/2008        181   Philippine Long Distance Tel Sp.     9632.82    12662 21     3029.39
  1/2/2008   3/10/2008       0.89   Celgene Corp Corn                      66 92        49.46      -17.46
  1/7/2008   3/10/2008      1403    Pharmion Corp                              0       35075       35075
  3/5/2008   3/25/2008      1173    Alliancebernstein Global High In    15781.54    15021.74                  -759.8
  3/4/2008   3/25/2008        682   Alliancebernstein Global High In     9115.27     8733 87                  -381.4
  3/3/2008   3/25/2008      2438    Alliancebernstein Global High In    32352.75    31221 66                -1131.09
 2/29/2008   3/25/2008      4076    Alliancebernstein Global High In    53768.55     52198.3                -1570.25
  3/4/2008   3/25/2008      1735    Morgan Stanley Emg Mkts Dom.         31706.6    29542.73                -2163.87
  3/5/2008   3/25/2008      3878    Morgan Stanley Emg Mkts Dom,        70861.53    66032 69                -4828.84
  3/3/2008   3/25/2008      1706    Morgan Stanley Emg Mkts Dom.        30731.54    29048.94                 -1682.6
 2/29/2008   3/25/2008      1437    Morgan Stanley Emg Mkts Dom         25491.37    24468.53                -1022.84
  3/4/2008   3/25/2008      2287    Western Asset Emerging Marke        29760.96    28107.83                -1653.13
  3/3/2008   3/25/2008      1741    Western Asset Emerging Marke        22626.21    21397.35                -1228 86
 2/29/2008   3/25/2008      1509    Western Asset Emerging Marke        19367.56    18546.01                 -821.55
  3/3/2008   3/25/2008      1755    Western Asset Emerging Marke        32157.22    30340 63                -1816 59
  3/4/2008   3/25/2008      2694    Western Asset Emerging Marke         49247.4    46574.17                -2673 23
 2/29/2008   3/25/2008        428   Western Asset Emerging Marke         7786.99     7399.31                 -387.68
  3/5/2008   3/25/2008      2312    Templeton Emerging Markets In       33451.63    31911.49                -1540.14
  3/3/2008   3/25/2008      1304    Templeton Emerging Markets In       18733 92    17998.52                  -735.4
  3/4/2008   3/25/2008      1701    Templeton Emerging Markets In       24433.16    23478 13                 -955.03
 2/29/2008   3/25/2008      1564    Templeton Emerging Markets In       22164.07    21587.19                 -576.88
 3/31/2008   3/31/2008   394 645    Leuthold Industrial Metals Fund,           0      142876      142876
10/15/2002    4/4/2008        190   Bhp Billiton Adr                     1914.93    12682.12                10767.19
10/15/2002    4/4/2008        700   Bhp Billiton Adr                      70372     46723 58                39686.38
  8/7/2002    4/4/2008          5   Bhp Billiton Adr                       49.79      333.74                  283.95
 3/20/2007    4/4/2008    864 79    Freeport-Mcmoran Copper B           53258.09    83698 74                30440 65
 3/20/2007    4/4/2008    276.04    Freeport-Mcmoran Copper B           16999.92    26716 55                 9716.63
 3/20/2007    4/4/2008    170.17    Freeport-Mcmoran Copper B           10479.92    16469.91                 5989 99
 11/7/2007    4/4/2008        260   Joy Global Inc                      14636.24    16991.43     2355.19
 2/16/2007    414/2008        187   Southern Copper Corp                12404.61     19782 3                 7377 69
  2/9/2007    4/4/2008        155   Southern Copper Corp                 10134.6    16397 09                 6262.49
 2/16/2007    4/4/2008        721   Adr Companhia Vale Do Rio Do,       12438.15    25474.51                13036.36
  1/7/2008    4/4/2008      1585    Onyx Pharmaceuticals                89400.57       49309    -40091 57
12/19/2007    4/7/2008      2645    Amgen Inc Com                      129201.97   111706.18    -17495.79
12/20/2007    4/7/2008      3568    Cemex Sab De Cv Ads                 92251.15    98045.59      5794.44
12/19/2007    4/7/2008     12720    King Pharmaceuticals Inc           130585.16   115638.14    -14947.02
11/7/2007    4/7/2008   7743   Evergreen Solar Inc                   94696 37    76179.59   -18516 78
 6/7/2007    4/7/2008    124   Health Net Inc.                        7089.08     3919.41    -3169.67
 5/7/2007    4/7/2008   1847   Health Net Inc.                      102783.39     58380.3   -44403.09
 5/8/2007    4/7/2008    249   Health Net Inc.                       13849.38     7870.44    -5978.94
2/16/2007    4/7/2008    100   Health Net Inc.                        5298.13     3160.82                -2137.31
 2/9/2007    4/7/2008    212   Health Net Inc.                       10590.99     6700 93                -3890.06
12/7/2006    4/7/2008   1379   Health Net Inc.                       63776.96    43587.67               -20189.29
 5/8/2007    4/7/2008    153   Humana Inc.                            9779 76     7046.92    -2732 84
 6/7/2007    4/7/2008     78   Humana Inc.                            4918.68     3592.55    -1326.13
 3/7/2007    4/7/2008   2233   Humana Inc                           134485.74   102848.17               -31637.57
 6/7/2007    4/7/2008   1549   Vodafone Group Plc     New   Spon:    50244.45    48290 24    -1954.21
9/11/2007    4/7/2008   2497   Vodafone Group Plc     New   Spon:    80739.26    77844 24    -2895.02
 2/9/2007    4/7/2008    286   Vodafone Group Plc     New   SponE     8441 66     8916.08                 474.42
2/16/2007    4/7/2008    145   Vodafone Group Plc     New   Spon:     4238.58     4520.39                 281.81
 1/8/2007    4/7/2008   1913   Vodafone Group Plc     New   Spon;    54050.09    59637.97                5587.88
 5/8/2007    4/7/2008    170   Vodafone Group Plc     New   Spon;      4877.3     5299.77      422.47
 6/7/2007    4/7/2008     57   Wellcare Group Inc                     5266 23     2301.97    -2964.26
 5/8/2007    4/7/2008    113   Wellcare Group Inc                      9017 4     4563.56    -4453.84
 3/7/2007    4/7/2008   1629   Wellcare Group Inc                   137266 56    65788.03               -71478.53
 6/7/2007    4/7/2008    198   Aetna Inc                             10488.06     8629.94    -1858 12
 9/7/2007    4/7/2008   1633   Aetna Inc                             83679.98    71175.18    -12504.8
 5/7/2007    4/7/2008   1159   Aetna Inc                             56297 96    50515.63    -5782.33
 5/8/2007    4/7/2008    399   Aetna Inc                             19267.71    17390.63    -1877 08
 2/9/2007    4/7/2008    555   Aetna Inc                             24179 91    24189.97                   10.06
2/16/2007    4/7/2008    267   Aetna Inc                             11608 07    11637.34                   2927
12/7/2006    4/7/2008   1044   Aetna Inc                             44106 14     45503.3                1397 16
10/5/2006    4/7/2008    991   Aetna Inc                             38783.15    43193.27                4410.12
 9/8/2006    4/7/2008   1598   Aetna Inc                             58131.88    69649.68                11517.8
 6/7/2007    4/7/2008    198   Cigna Corp.                            11226.6     8584.45    -2642 15
 9/7/2007    4/7/2008   2024   Cigna Corp.                          105919 26    87752.12   -18167.14
 5/8/2007    4/7/2008    399   Cigna Corp.                           20794 55    17298.96    -3495.59
 5/7/2007    4/7/2008   1395   Cigna Corp.                           71858.73    60481.33    -11377.4
 4/5/2007    4/7/2008   1455   Cigna Corp.                           69732.47    63082.68    -6649.79
 3/7/2007    4/7/2008   2817   Cigna Corp.                          133728.64   122133.26               -11595.38
2/20/2007   4/21/2008    757   Ishares Silver Trust                 105967.94   138084.27                32116.33
 6/7/2007   4/21/2008     27   Ishares Silver Trust                   3704.67     4925.07     1220.4
 5/8/2007   4/21/2008     53   Ishares Silver Trust                   7076.56     9667.72    2591.16
11/20/2007   4/22/2008    25914 Barclays Bk Plc Etn Ipth Ind M   1220814.78   1371809 28    150994.5
  4/5/2007    5/6/2008     7140 Open Jt Stk Co-Vimpel Commui      137732 75    215678.11               77945.36
  5/8/2007    5/6/2008      510 Open Jt Stk Co-Vimpel Commui       10437.66     15405.58    4967.92
  6/7/2007    5/6/2008      250 Open Jt Stk Co-Vimpel Commui           5084      7551 75    2467.75
12/19/2007    5/6/2008     3613 Forest Laboratories Cl A          130647.22    126038.02    -4609.2
  4/5/2007    5/6/2008      736 Mobile Telesystems Ojsc Spons      42159.97     56160.36               14000.39
  2/6/2007    5/6/2008      831 Mobile Telesystems Ojsc Spons      46349.69     63409.32               17059.63
  2/9/2007    5/6/2008      285 Mobile Telesystems Ojsc Spons      15885.73     21746.88                5861.15
 2/16/2007    5/6/2008      139 Mobile Telesystems Ojsc Spons       7486.18     10606.37                3120.19
  1/8/2007    5/6/2008     1059 Mobile Telesystems Ojsc Spons      53873.02     80806 81               26933.79
  9/7/2007    5/6/2008     1229 Mobile Telesystems Ojsc Spons      80179 59     93778.64    13599.05
  5/8/2007    5/6/2008      214 Mobile Telesystems Ojsc Spons      12168.04     16329.23     4161.19
  6/7/2007    5/6/2008      107 Mobile Telesystems Ojsc Spons       5838.99      8164.62     2325.63
  6/7/2007    5/6/2008       83 America Movil Sab De Cv Spon        5183.35      4714.88     -468.47
 11/7/2007    5/6/2008     1112 America Movil Sab De Cv Spon       68884.95     63168.05     -57169
  9/7/2007    5/6/2008     1345 America Movil Sab De Cv Spon       82755.83      76403.8    -6352.03
 2/16/2007    5/6/2008      145 America Movil Sab De Cv Spon        6908.77      8236.84                1328 07
  1/8/2007    5/6/2008     1175 America Movil Sab De Cv Spon       54166.81     66746.81                  12580
  2/9/2007    5/6/2008      287 America Movil Sab De Cv Spon       13150.34     16303.27                3152.93
  2/6/2007    5/6/2008      737 America Movil Sab De Cv Spon       33173 99     41865.87                8691.88
  5/8/2007    5/6/2008      170 America Movil Sab De Cv Spon         9188.5      9656 99      468.49
 3/27/2008   5/21/2008 3928.647 Grizzly Short Fund                  24396.9        22079     -2317.9
 7/19/2007   5/21/2008 405756.1 Grizzly Short Fund               1919226 56   2280349.53   361122 97
  6/5/2007   5/21/2008 38134.49 Grizzly Short Fund                   175800    214315.83    38515 83
  4/7/2008    6/5/2008     4435 Keycorp                           108645.53     84611.76   -24033.77
 12/6/2007    6/5/2008      841 Noble Corporation Shs              44694 11     52986.39     8292.28
  5/7/2007    6/5/2008      379 Southern Copper Corp                30597 2     41653.92               11056.72
  4/5/2007    6/5/2008     1140 Southern Copper Corp               82642.48    125291.46               42648.98
  2/9/2007    6/5/2008      152 Southern Copper Corp                9938 44     16705.53                6767 09
  9/7/2007    6/5/2008     2811 Pride Intl Inc Del Com            103012.34    122690.05    19677.71
  7/2/2007    6/5/2008      209 Transocean Ltd                     32249.59     31161.12    -1088.47
  1/7/2008    6/5/2008     5029 Aegon N V Ny Registry Sh           88462.08     77657.93   -10804.15
  3/7/2008    6/5/2008     1079 Bucyrus Intl Inc New Com           54715.04     76674.27    21959.23
  4/7/2008    6/5/2008    10094 Colonial Bancgroup Inc            104761.51     59802.65   -44958.86
 11/7/2007    6/5/2008      627 Joy Global Inc                     35295.85     51936.52    16640.67
  8/6/2007    6/5/2008       36 Joy Global Inc                      1718.39         2982     1263 61
  8/6/2007    6/5/2008    12234 Mylan Inc Corn                    196033.38    160134.75   -35898.63
 9/7/2007    6/5/2008       7494    Mylan Inc Corn                    115330.92     98091.37    -17239.55
 5/8/2007    6/5/2008        142    Pan American Silver C                 4096.7      4674.7                      578
 2/9/2007    6/5/2008        217    Pan American Silver C               6228 75      7143.73                   914 98
2/16/2007    6/5/2008        136    Pan American Silver C               3824.81      4477.18                   652 37
3/28/2006    6/5/2008        182    Pan American Silver C               4499.04      5991.52                  1492.48
 5/6/2005    6/5/2008        516    Pan American Silver C               7078.49     16986.95                  9908.46
 5/5/2005    6/5/2008        806    Pan American Silver C              10932 74     26533.87                 15601.13
 6/7/2007    6/5/2008         66    Pan American Silver C               1906.08      2172.75       266.67
 1/7/2008    6/5/2008       1327    Trina Solar Ltd Ads                72031.95     58956.83    -13075.12
12/6/2007    6/5/2008       2016    Trina Solar Ltd Ads                91010.84     89568.17     -1442.67
12/6/2007    6/5/2008       2573    Wal Mart Stores Inc Com              123454    146801.92     23347.92
 5/6/2008    6/9/2008        948    Spdr Tr Unit Ser 1                133065.01    131273.48     -1791.53
 6/2/2008    6/9/2008       2605    Spdr Tr Unit Ser 1                 360883.6    360725.13      -158.47
 4/7/2008    6/9/2008        478    Spdr Tr Unit Ser 1                 65402.06     66190.64       788.58
5/30/2008   6/12/2008    136.801    Fidelity New Markets Income Fu      1995.92      1987.72                       -8.2
4/30/2008   6/12/2008    136.695    Fidelity New Markets Income Fu      1993.02      1986.18                      -6.84
2/27/2008   6/12/2008   30473.58    Fidelity New Markets Income Fu       444000    442781.05                  -1218.95
2/29/2008   6/12/2008     13.572    Fidelity New Markets Income Fu        197 34       197.2                     -0.14
3/31/2008   6/12/2008    144.452    Fidelity New Markets Income Fu      2085.88      2098.89                     13.01
6/11/2008   6/12/2008     51.111    Fidelity New Markets Income Fu        742.65      742.65            0
2/28/2008   6/12/2008   33330.71    T Rowe Price Emg Mkt Bd              444000    430931.75                 -13068.25
2/29/2008   6/12/2008     21.866    T Rowe Price Emg Mkt Bd               290 82       282.7                      -8.12
5/30/2008   6/12/2008    238.337    T Rowe Price Emg Mkt Bd             3115.06      3081.45                    -33.61
4/30/2008   6/12/2008    228.074    T Rowe Price Emg Mkt Bd             2978.65      2948.77                    -29.88
3/31/2008   6/12/2008    212.901    T Rowe Price Emg Mkt Bd             2771.97      2752.59                    -19.38
6/13/2008   6/13/2008           1   American Campus Communities            16 69         16.5        -0.19
 6/5/2008   6/13/2008       3501    Gmh Communities Trust               25738.6     19935 57     -5803.03
6/13/2008   6/30/2008        267    American Campus Communities         8155 52      7574.51      -581 01
 6/5/2008   6/30/2008        963    Ventas Inc                         45400 98     41462.68      -3938.3
 6/6/2008   6/30/2008        337    Associated Estates Realty Corp(     4166.87      4032 84      -134.03
 6/5/2008   6/30/2008        112    Universal Health Realty Income      3803.35      3587.33      -216 02
 6/5/2008   6/30/2008        793    Apartment Invt & Mgmt Co -A        30766.78     28443.33     -2323.45
 6/5/2008   6/30/2008       2967    Udr Inc                            72863.14     68867.55     -3995.59
 6/5/2008   6/30/2008       1087    Senior Housing Pptys Trust         23801.07     22367 87      -1433.2
 6/5/2008   6/30/2008        605    Camden Property Trust               29658.6     28881.67      -776.93
 6/5/2008   6/30/2008        245    Omega Healthcare Investors Inc      4361.78       4348.9       -12.88
 6/5/2008   6/30/2008        443    Nationwide Health Properties       15049.55     14295.01      -754 54
 6/5/2008   6/30/2008    146   Education Realty Trust Inc.         1904.97     1767.44     -137.53
 6/5/2008   6/30/2008    504   Medical Pptys Trust Inc Corn        6166.43     5333.82     -832.61
 6/5/2008   6/30/2008    861   Equity Residential                 35989.03    34866.95    -1122.08
 6/5/2008   6/30/2008    604   Mid-America Apt Communities 11     33777 24    31885.98    -1891.26
 6/5/2008   6/30/2008   1520   Health Care Reit Inc Com           73116 46    69473 24    -3643 22
 6/5/2008   6/30/2008    643   Hcp Inc                            21837 13    21126.84     -710.29
 6/5/2008   6/30/2008    431   Home Properties Inc                21939.57    21512 86     -426.71
 6/5/2008   6/30/2008    398   Ltc Properties Inc                 11078.92     10787 6     -291.32
 6/5/2008   6/30/2008    725   Healthcare Realty Trust Inc        19254.06       18037    -1217.06
 6/5/2008   6/30/2008    428   Investors Real Estate Trust         4442.38     4301.16     -141.22
 6/5/2008    7/1/2008    875   Equity Residential                 36574.22    34088.01    -2486,21
 6/5/2008    7/1/2008    934   Healthcare Realty Trust Inc        24804 54    22681.07    -2123.47
 6/5/2008    7/1/2008    848   Nationwide Health Properties       28808.17    26762.69    -2045.48
 6/5/2008    7/1/2008    211   Universal Health Realty Income      7165.24      6523.4     -641.84
 6/5/2008    7/1/2008    963   Ventas Inc                         45400.98    40829.81    -4571.17
 6/5/2008    7/1/2008   1520   Health Care Reit Inc Com           73116.46    68707.31    -4409.15
 6/5/2008    7/1/2008    643   Hcp Inc                            21837,13    20761.42    -1075.71
 6/5/2008    7/1/2008   2007   Home Properties Inc               102164.09    97644.84    -4519.25
 6/5/2008    7/1/2008   5524   Senior Housing Pptys Trust        120954.11   110893.96   -10060 15
 6/5/2008    7/1/2008   2968   Udr Inc                            72887.69     68042.8    -4844.89
 6/5/2008    7/1/2008   1035   Mid-America Apt Communities 11     57879 87    53173.73    -4706.14
 6/6/2008    7/1/2008    329   Associated Estates Realty Corp(     4067.96     3802.25     -265 71
 6/5/2008    7/1/2008   1029   Medical Pptys Trust Inc Corn       12589.79    10887.29     -1702.5
 6/5/2008    7/1/2008   2918   Apartment Invt & Mgmt Co -A       113212.43   100949.85   -12262.58
 6/5/2008    7/1/2008    808   Omega Healthcare Investors Inc     14384.98    14112.69     -272.29
 6/5/2008    7/1/2008   2376   Camden Property Trust             116477.42   107624.19    -8853.23
 6/5/2008    7/1/2008    979   Education Realty Trust Inc.        12773 71    11474.33    -1299.38
 6/5/2008    7/1/2008    625   Investors Real Estate Trust         6487.13     6180.84     -306.29
 6/5/2008    7/1/2008    658   Ltc Properties Inc                  18316.4    17689.01     -627.39
3/11/2008    7/1/2008   1439   Atlas Pipeline Partners Lp         63187.79    57022.93    -6164.86
3/11/2008    7/1/2008   1248   Buckeye Partners Lp                59928.96    55620.67    -4308.29
3/11/2008    7/1/2008   2120   Copano Energy LIc                  78067.52    71150.19    -6917.33
3/11/2008    7/1/2008   2902   Energy Transfer Equity Lp          95358 27    85115 47    -10242 8
3/11/2008    7/1/2008   7202   Kinder Morgan Energy Partners     424691.14    401625.2   -23065.94
3/11/2008    7/1/2008    495   El Paso Pipeline Partners Lp       11411 48    10624.27     -787.21
3/11/2008    7/1/2008     96   Sunoco Logistics Partners Lp        5034.86     4655 24     -379.62
3/11/2008    7/1/2008   5409   Enterprise Product Partners Lp    168249.65   158815.46    -9434.19
3/11/2008    7/1/2008        810   Oneok Partners Lp                    49654.22    45843.72      -38105
3/11/2008    7/1/2008       1471   Magellan Midstream Partners LK       63662.09    54947.57     -8714.52
3/31/2008   6/26/2008    165 469   Leuthold Industrial Metals Fund,            0       62170       62170
 6/6/2008    7/2/2008         54   Associated Estates Realty Corp(        667.69        593 8      -73.89
 6/5/2008    7/2/2008       1159   Associated Estates Realty Corp(      13473.26    12744.76       -728.5
 6/5/2008    7/2/2008       2977   Medical Pptys Trust Inc Com          36423.52    30312.86     -6110 66
 6/5/2008    7/2/2008       1625   Omega Healthcare Investors Inc       28930 18    27430.94     -1499 24
3/11/2008    7/2/2008       1664   El Paso Pipeline Partners Lp         38361.03    34777.07     -3583.96
3/11/2008    7/2/2008        369   Sunoco Logistics Partners Lp         19352.76    17268.99     -2083.77
 8/7/2006    7/7/2008       1298   Aluminum Corp Of China-Adr           21768.05     36300.7                 14532.65
 3/6/2008    7/7/2008       2131   BioMarin Pharmaceutical              80753.72    60627.25    -20126.47
 3/7/2008    7/7/2008        259   Bucyrus Intl Inc New Com             13133.64     18981.3      5847.66
 3/6/2008    7/7/2008        714   Bucyrus Intl Inc New Com             36171.69    52326.84     16155 15
10/4/2007    7/7/2008       2175   Metlife Inc Com                     153220.87   113304.25    -39916.62
 6/7/2007    7/7/2008         37   Millicom Intl Cellular S A Shs Ne     3329.26     3655.27                  326.01
 5/8/2007    7/7/2008         76   Millicom Intl Cellular S A Shs Ne     6384.76     7508.12                 1123.36
 2/9/2007    7/7/2008        128   Millicom Intl Cellular S A Shs Ne     9013.56    12645.25                 3631.69
2/16/2007    7/7/2008         62   Millicom Intl Cellular S A Shs Ne     4311.09     6125.04                 1813.95
 1/8/2007    7/7/2008        862   Millicom Intl Cellular S A Shs Ne    54077 55    85157.88                31080.33
9/11/2007    7/7/2008        954   Millicom Intl Cellular S A Shs Ne    77723.61    94246.66    16523.05
 6/7/2007    7/7/2008        803   Noble Corporation Shs                37346.05    52133 03                 14786.98
 6/7/2007    7/7/2008       1444   Pride Intl Inc Del Com                52635 2    66472.28                 13837.08
 7/2/2007    7/7/2008    1421.37 Transocean Ltd                        219323.44   215367.33     -3956.11
 6/4/2007    7/7/2008   1739.206   Transocean Ltd                       248635.3   263526 09                 14890.79
 8/1/2007    7/7/2008     367.99   Transocean Ltd                       55027.65    55758.13      730 48
 8/1/2007    7/7/2008    363.435   Transocean Ltd                       52754.48    55067.99     2313.51
 1/7/2008    7/7/2008        703   Transocean Ltd                      101282.55   106519.23     5236.68
2/16/2007    7/7/2008          5   Adr Companhia Vale Do Rio Do,           86.26      171.59                    85.33
11/7/2006    7/7/2008       7810   Adr Companhia Vale Do Rio Do,       101588.96   268021.29                166432.33
12/6/2007    7/7/2008       2878   Wal Mart Stores Inc Com             138088 07   162598.32     24510.25
11/7/2007    7/7/2008        175   Wal Mart Stores Inc Com               7721 95     9886.97      2165.02
12/6/2007    7/7/2008       3246   Yingli Green Energy Holding Co       87210.82    48168.41    -39042.41
 4/7/2008   7/11/2008        458   Cullen/Frost Bankers                 25286.14    22274.43     -3011.71
 4/7/2008   7/11/2008       1327   Citizens Republic Bancorp Inc C      18236 94      3494.5    -14742.44
 4/7/2008   7/11/2008        798   First Merit Corp                     17345.41    12679.34     -4666.07
 4/7/2008   7/11/2008        471   Hancock Holding Co                   20895.34    17958.56     -2936.78
 4/8/2008   7/11/2008        333   Hancock Holding Co                   14572.14    12696 82     -1875.32
 6/5/2008   7/11/2008    1072    National Penn Bancshares             17806.1     14256.45    -3549.65
 4/7/2008   7/11/2008     906    Old National Bancorp                17372.35     12163.98    -5208.37
 4/7/2008   7/11/2008    1661    Sterling Bancshares, Inc.           17532.86     14864.03    -2668.83
 4/7/2008   7/11/2008     441    Suntrust Banks                      26312.18     15071 53   -11240.65
 4/7/2008   7/11/2008     802    Susquehanna Bancshares Inc          17591.41      10159.6    -7431.81
 4/7/2008   7/11/2008     921    Tcf Finl Corp Com                   17570.33     10394.99    -7175.34
 4/7/2008   7/11/2008     453    United Bankshares Inc               12865 14     10020.16    -2844.98
 4/8/2008   7/11/2008        1   United Bankshares Inc                  27.97        22.12        -5.85
 4/7/2008   7/11/2008     569    Webster Financial Corp              16810.57     10490 08    -6320.49
 4/8/2008   7/11/2008      24    Webster Financial Corp                708.47       442.46     -266.01
 4/7/2008   7/11/2008     531    Wilmington Trust Corp                17596.9     13405 39    -4191 51
 4/7/2008   7/11/2008     667    Whitney Holding Corp                17377.28     11932 83    -5444.45
 4/7/2008   7/17/2008     226    Cullen/Frost Bankers                12477.44     10661.24     -1816.2
 4/7/2008   7/17/2008     628    Citizens Republic Bancorp Inc C      8630.59      1282.55    -7348.04
 4/7/2008   7/17/2008     504    First Merit Corp                       10955       7578.6     -3376.4
 4/8/2008   7/17/2008     258    Hancock Holding Co                  11290.12      9204 97    -2085.15
 6/5/2008   7/17/2008     520    National Penn Bancshares             8637.29      6554 51    -2082 78
 4/7/2008   7/17/2008     440    Old National Bancorp                  84369       5713.05    -2723.85
 4/7/2008   7/17/2008     563    Sterling Bancshares, Inc.            5942.81       48143     -1128.51
 4/7/2008   7/17/2008     233    Suntrust Banks                       13901.9      6779 77    -7122 13
 4/7/2008   7/17/2008     400    Susquehanna Bancshares Inc           8773 77      4651 85    -4121.92
 4/7/2008   7/17/2008     485    Tcf Finl Corp Com                    9252.56      5116 28    -4136 28
 4/8/2008   7/17/2008     375    Webster Financial Corp              11069 86      5485.69    -5584.17
 4/7/2008   7/17/2008     281    Wilmington Trust Corp                9312.11      6635.16    -2676.95
 4/7/2008   7/17/2008     301    Whitney Holding Corp                 7841 92      4598.23    -3243.69
 4/8/2008   7/17/2008     453    United Bankshares Inc               12669.65       9216.9    -3452 75
 6/2/2008   7/18/2008    4939    Ishares Russell 2000               361695.42    324064.24   -37631.18
 6/2/2008   7/18/2008    7382    Powershares Qqq Trust Unit Se      361353.21    323284.75   -38068.46
 4/7/2008   7/18/2008    1941    Spdr Tr Unit Ser 1                 265576.16    235373 85   -30202.31
1/25/2008   7/18/2008   11760    Spdr Tr Unit Ser 1                1499733.54   1426067 23   -73666.31
 4/7/2008   7/21/2008    1091    Suntrust Banks                       65094.3     33009.22   -32085 08
 4/8/2008   7/21/2008    1403    Webster Financial Corp              41416.05     20581.75    -20834.3
 4/7/2008   7/21/2008    1312    Wilmington Trust Corp               43478 59     30799.68   -12678.91
 4/7/2008   7/24/2008     161    Citizens Republic Bancorp Inc C      2212.62       510.93    -1701 69
 4/8/2008   7/24/2008    3191    Citizens Republic Bancorp Inc C     42483.08     10126.58    -32356.5
 4/7/2008   7/24/2008    1891    First Merit Corp                    41102.97     32228.69    -8874.28
 6/5/2008   7/24/2008    2697    National Penn Bancshares            44797.62     37759.13    -7038.49
 4/7/2008   7/24/2008    785   Tcf Finl Corp Com                    14975.8    10453.39    -4522.41
 4/8/2008   7/24/2008   1495   Tcf Finl Corp Com                   27748.02    19908.05    -7839.97
 4/7/2008   7/24/2008   1698   Whitney Holding Corp                44237.82    30513.39   -13724.43
 4/8/2008   7/24/2008    919   United Bankshares Inc               25702.89    21802.87    -3900.02
 4/7/2008   7/24/2008    105   Susquehanna Bancshares Inc           2303.11      1370.5     -932.61
 4/8/2008   7/24/2008   1936   Susquehanna Bancshares Inc          42122.97     25269.5   -16853.47
 4/7/2008   7/24/2008   4421   Sterling Bancshares, Inc.           46666.33    41514.28    -5152.05
 4/7/2008   7/24/2008   2324   Old National Bancorp                44562.19     35407.1    -9155.09
 4/7/2008   7/24/2008   1149   Cullen/Frost Bankers                63436.18    59538.89    -3897.29
 4/8/2008   7/25/2008    509   Hancock Holding Co                  22273.93     20035.3    -2238 63
 6/5/2008   7/25/2008   1647   Hancock Holding Co                  71911.24    64829.34     -7081.9
 1/7/2008    8/7/2008   1452   Aflac Inc                           90301 93    79820.93      -10481
10/4/2007    8/7/2008   2659   Aflac Inc                          154798.23   146173 45    -8624 78
 6/7/2007    8/7/2008    218   Bhp Billiton Adr                    11839.58    14852.65                 301307
 5/8/2007    8/7/2008    433   Bhp Billiton Adr                    21706.29     29500.9                 7794.61
 8/7/2002    8/7/2008   2195   Bhp Billiton Adr                    21859 91   149548 46               127688.55
12/6/2007    8/7/2008    862   Bjs Wholesale Club Inc Com          31945 99    32328.78      382.79
12/6/2007    8/7/2008   1289   Costco Whsl Corp New Com            86930.05    80365.85     -6564.2
 7/6/2007    8/7/2008    410   Diamond Offshore Drilling Inc Ci    42072.13    47257 07                 5184.94
 6/7/2007    8/7/2008    163   Ensco Intl Inc Com                   101659     10808.07                  642.17
 5/7/2007    8/7/2008    176   Freeport-Mcmoran Copper B           12030.83    14788 56                 2757.73
 4/5/2007    8/7/2008   2516   Freeport-Mcmoran Copper B           166159.1   211409.23                45250 13
3/20/2007    8/7/2008    266   Freeport-Mcmoran Copper B           16381.61     22350.9                 5969.29
12/6/2007    8/7/2008    390   Noble Corporation Shs               20726.16    19199.51    -1526.65
 6/7/2007    8/7/2008   1377   Pride Intl Inc Del Com              50192.98    51395 68                  1202.7
 8/6/2007    8/7/2008   5900   Teva Pharmaceutical Inds Ltd A     249385.64   270461.56                21075 92
11/7/2007    8/7/2008    532   Wal Mart Stores Inc Com             23474.72    31021.38     7546.66
 9/7/2007    8/7/2008   2153   Par Pharmaceutical Cos Inc Cor      48137.24    36447.93   -11689.31
 8/6/2007    8/7/2008    188   Par Pharmaceutical Cos Inc Cor       4412.25     3182.63                 -1229.62
 5/6/2008    8/7/2008   2158   Sun Life Financial Inc             106140 17    80133.21   -26006 96
 9/7/2007    8/7/2008    998   Terex Corp New                      81010 35    44000.08   -37010.27
11/8/2007    8/7/2008   1399   Terex Corp New                     100243.27    61679.46   -38563.81
 8/6/2007    8/7/2008   3638   Terex Corp New                        310460   160393.06               -150066.94
 9/7/2007    8/7/2008   1653   Watson Pharmaceuticals Inc Cc       50058.86    48530.98    -1527.88
 8/6/2007    8/7/2008   2634   Watson Pharmaceuticals Inc Cc       79260 33    77332.49                 -1927.84
4/10/2008    8/7/2008   2683   Echelon Corp                        42795 68    27522.86   -15272.82
 4/9/2008    8/7/2008   1797   Echelon Corp                        26912.43    18434 06    -8478.37
 4/9/2008    8/8/2008       302    Echelon Corp                          4522.85      3150.17     -1372.68
 4/7/2008    8/8/2008       642    Echelon Corp                             9244      6696.72     -2547.28
 4/8/2008    8/8/2008        94    Echelon Corp                           1351.2       980.52      -370.68
 4/8/2008   8/11/2008       401    Echelon Corp                          5764.16      4264.89     -1499.27
3/10/2008   8/11/2008      3488    Echelon Corp                         45967.98     37097.11     -8870.87
 3/6/2008   8/11/2008      1272    Echelon Corp                          14793.6     13528.53     -1265.07
 3/7/2008   8/11/2008      2460    Echelon Corp                         28388.04     26163.68     -2224.36
 3/7/2008   8/12/2008   1880000    NEW S WALES TREAS NSWT'            1710512.39   1698056.65    -12455.74
                                   6.000% Due 10-01-09
7/16/2008   8/20/2008   185094.9   Grizzly Short Fund                   1366000    1256794.04   -109205.96
8/15/2008   8/20/2008    11102.6   Grizzly Short Fund                     72500      75386 67      2886.67
 6/5/2008    9/5/2008       1460   Caterpillar Inc Del Com            119948.31     103822 94    -16125.37
 9/7/2007    9/5/2008       1025   Caterpillar Inc Del Com             78497 58      72889.39     -5608 19
 1/7/2008    9/5/2008       3029   Manulife Financial Corporation     122378.09     108243.73    -14134 36
8/19/2008    9/5/2008        178   Manulife Financial Corporation       6281.62       6360.97        79.35
8/19/2008    9/5/2008         70   Umb Financial Corp.                     4053       3622.58      -430.42
 4/8/2008    9/5/2008        809   Umb Financial Corp                   34460.8      41866.73      7405 93
 4/7/2008    9/5/2008        372   Umb Financial Corp.                 15735.71      19251.45      3515 74
8/19/2008    9/5/2008        281   Par Pharmaceutical Cos Inc Cor          4215       4040 67      -174.33
 8/6/2007    9/5/2008       4779   Par Pharmaceutical Cos Inc Cor     112160.31       68720.2                -43440.11
 5/7/2008    9/5/2008       1945   Stancorp Financial Group           104618.07      96416.61     -8201.46
 5/6/2008    9/5/2008        451   Stancorp Financial Group            23895.67      22356.76     -1538.91
8/19/2008    9/5/2008        141   Stancorp Financial Group             7026 03       6989.58       -36.45
8/19/2008   9/10/2008        648   Bucyrus Intl Inc New Com            41886.72      34287.17     -7599.55
 8/7/2007   9/10/2008        308   Bucyrus Intl Inc New Com             9976.33      16296.99                 6320.66
8/19/2008   9/10/2008        500   Joy Global Inc                         33400      25471.75     -7928 25
 8/6/2007   9/10/2008        240   Joy Global Inc                      11455.91      12226 44                   770.53
 8/6/2007   9/16/2008       1050   Joy Global Inc                      50119 61      50950.02                   830 41
 3/6/2008   9/16/2008          8   Bucyrus Intl Inc New Com              405.29        369.46       -35 83
 1/7/2008   9/16/2008       1346   Bucyrus Intl Inc New Com            65339 01      62161.15     -3177.86
9/17/2008   9/17/2008    440000    United States Treas Bills Dtd 02   437974.04     438335.82       361.78
 1/7/2008   9/22/2008        560   Bucyrus Intl Inc New Com            27184 14      24479.81     -2704 33
 8/7/2007   9/22/2008       2148   Bucyrus Intl Inc New Com            69575 21      93897.57                24322.36
 8/6/2007   9/22/2008       2100   Joy Global Inc                     100239.22     103596.19                 3356 97
 8/7/2007   9/24/2008        216   Bucyrus Intl Inc New Com             6996.39      10334.68                 3338.29
 8/6/2007   9/24/2008       1138   Bucyrus Intl Inc New Com            36218.54      54448 43                18229.89
 8/6/2007   9/24/2008       1050   Joy Global Inc                      50119.61      56335.65                 6216.04
 8/6/2007   9/25/2008      1126   Bucyrus Intl Inc New Com             35836.62     58149.92                22313.3
 9/7/2007   9/25/2008      2072   Bucyrus Intl Inc New Com              65043 5    107004.11               41960.61
11/7/2007   9/25/2008      2086   Bucyrus Intl Inc New Com             78037.54    107727.11   29689.57
 8/6/2007   9/25/2008      1864   Joy Global Inc                       88974.24    101815.95               12841.71
 9/7/2007   9/25/2008      2195   Joy Global Inc                        96809 7    119895.93               23086.23
9/17/2008   9/25/2008   1502000   United States Treas Bills Dtd 02   1495084.12   1495457.29      373.17
8/19/2008   10/6/2008       132   Medicis Pharmaceutical Corp Cl        2795.76       1953.5     -842.26
 8/7/2008   10/6/2008      2251   Medicis Pharmaceutical Corp Cl       42470.97     33313.03    -9157.94
 9/9/2008   10/6/2008     11409   Carmax Inc Com                      181505.78    151333.83   -30171 95
 9/8/2008   10/6/2008      6576   Carmax Inc Com                      104552.48     87226.86   -17325.62
11/7/2007   10/6/2008      1444   Caterpillar Inc Del Com             106931 15     82574.24   -24356.91
 3/6/2008   10/6/2008      2259   Caterpillar Inc Del Com             164828.48    129179.51   -35648.97
 1/7/2008   10/6/2008      1328   Caterpillar Inc Del Com              94890.12     75940 86   -18949.26
8/19/2008   10/6/2008       562   Caterpillar Inc Del Com              39997.54     32137.62    -7859 92
 8/6/2007   10/6/2008      1991   Caterpillar Inc Del Com             157928.35     1138541                -44074.25
 9/7/2007   10/6/2008        44   Caterpillar Inc Del Com               3369.65      2516.11                 -853.54
8/19/2008   10/6/2008       136   Sunrise Senior Living Inc Com         2647.92      1867.38     -780.54
 8/7/2008   10/6/2008      2305   Sunrise Senior Living Inc Com        42175 28     31649.31   -10525.97
9/17/2008   11/4/2008   3275000   United States Treas Bills Dtd 02   3259920.44   3270132 98    10212.54
8/19/2008   11/6/2008       463   Celgene Corp Com                     35201.89     29970 84    -5231.05
 1/2/2008   11/6/2008      1173   Celgene Corp Com                     88195.53     75930 44   -12265.09
 3/6/2008   11/6/2008       256   Celgene Corp Com                     14562.99     16571.35     2008.36
8/19/2008   11/6/2008       315   Genentech Inc Com                     31103 1     26395.72    -4707.38
 3/6/2008   11/6/2008      1100   Genentech Inc Com                    85924.52     92175.52        6251
8/19/2008   11/6/2008       242   Genzyme Corp Com                     19800.44     17647.77    -2152.67
7/24/2008   11/6/2008       653   Genzyme Corp Com                     52188 22     47619 82     -4568.4
7/17/2008   11/6/2008       340   Genzyme Corp Com                     26193 43      247944     -1399.03
8/19/2008   11/6/2008       430   Gilead Sciences Inc Com               24153.1     20473 95    -3679.15
 3/6/2008   11/6/2008      1451   Gilead Sciences Inc Com               70015.4     69087.66     -927 74
 9/5/2008   11/6/2008       621   Glaxosmithkline Plc Sponsored        29324.12     24281.89    -5042.23
8/19/2008   11/6/2008       121   Imclone Sys Inc Com                   7722 22      8347.87      625.65
 1/7/2008   11/6/2008       381   Imclone Sys Inc Com                  16576.25     26285.46     9709 21
8/19/2008   11/6/2008        71   Johnson & Johnson Com                 5077.92      4328.14     -749.78
 8/7/2008   11/6/2008      1207   Johnson & Johnson Com                83192.35      73578.3    -9614.05
8/19/2008   11/6/2008       148   Merck & Co Inc Com                     5350.2      4436 39     -913.81
 8/7/2008   11/6/2008       293   Merck & Co Inc Com                    9798.95      8782 86    -1016.09
 8/7/2008   11/6/2008       204   Perrigo Co Com                        7226.03      7036.84     -189 19
8/19/2008    11/6/2008     303   Teva Pharmaceutical Inds Ltd A    14313.72       12941     -1372.72
 9/7/2007    11/6/2008    2083   Teva Pharmaceutical Inds Ltd A    90897 38       88964                  -1933.38
 8/7/2008    11/6/2008   14278   Tenet Healthcare Corp Com         88373.68    60722.55    -27651.13
8/19/2008    11/6/2008     840   Tenet Healthcare Corp Com           4989.6     3572 42     -1417 18
8/19/2008    11/6/2008     567   Unum Group Com                    13749.75      9421.5     -4328.25
 1/7/2008    11/6/2008     593   Unum Group Com                    13894.75     9853 53     -4041.22
8/19/2008    11/7/2008     405   Ensco Intl Inc Com                 26632.8    15780.78    -10852.02
 6/7/2007    11/7/2008    3886   Ensco Intl Inc Com               242360.01   151417.53                 -90942.48
 8/6/2007    11/7/2008    2053   Ensco Intl Inc Com                120968 5     79994.9                  -40973.6
 9/7/2007    11/7/2008     936   Ensco Intl Inc Com                50968.76    36471 13                 -14497.63
 9/5/2008    11/7/2008     207   Glaxosmithkline Plc Sponsored      9774.71     8220.42     -1554.29
 9/8/2008    11/7/2008     320   Glaxosmithkline Plc Sponsored     14784.06    12707 89     -2076.17
 1/7/2008    11/7/2008    3257   Unum Group Com                    76315.67    57444.69    -18870.98
10/4/2007    11/7/2008    5786   Unum Group Com                   144020.38   102049 42                 -41970.96
 9/8/2008   11/10/2008    2604   Glaxosmithkline Plc Sponsored    120305.32    98499.65    -21805 67
 1/7/2008   11/10/2008    1669   Imclone Sys Inc Com               72613.52    115836.8     43223.28
 8/7/2008   11/10/2008    1533   Kindred Healthcare Inc            49292.54     20087.4    -29205 14
8/19/2008   11/10/2008      90   Kindred Healthcare Inc              2781 9      1179.3       -16026
 8/7/2008   11/10/2008    2220   Merck & Co Inc Com                74244.57    66274.83     -7969 74
 8/7/2008   11/10/2008     969   Perrigo Co Com                    34323.62    31998.81     -2324 81
8/19/2008   11/10/2008      69   Perrigo Co Com                     2399.13     2278 55       -120.58
8/19/2008   11/10/2008     224   Watson Pharmaceuticals Inc Cc      6610.24     5639.46       -970.78
 8/6/2007   11/10/2008    3813   Watson Pharmaceuticals Inc Cc     114737.9    95996 69                 -18741 21
8/25/2008   11/12/2008    5228   Diamonds Tr Unit Ser 1           595410.12   465080.27   -130329 85
8/25/2008   11/12/2008   12622   Powershares Qqq Trust Unit Se    596765.64   392355.19   -204410.45
8/25/2008   11/12/2008    4673   Spdr Tr Unit Ser 1               594931.78   431741 19   -163190.59
 9/5/2008   11/12/2008    6202   Patterson Uti Energy Inc Com     162626.98       70463    -92163.98
 9/5/2008   11/13/2008    3338   Helmerich & Payne Inc Com        176520.45    96616 52    -79903.93
12/6/2007   11/13/2008     585   Noble Corporation Shs             31089.24    16850.48    -14238.76
8/19/2008   11/13/2008     563   Noble Corporation Shs             28363.94    16216.79    -12147.15
 9/7/2007   11/13/2008    1359   Noble Corporation Shs             68060.08    39144 96                 -28915 12
 8/6/2007   11/13/2008    3094   Noble Corporation Shs            153451.22    89120.31                 -64330.91
 6/7/2007   11/13/2008    4525   Noble Corporation Shs            210449.38   130339.17                 -80110.21
8/19/2008   11/13/2008     758   Pride Intl Inc Del Com            30577.72    13053.75    -17523.97
 1/7/2008   11/13/2008    2696   Pride Intl Inc Del Com            92965.81    46428.63    -46537 18
12/6/2007   11/13/2008    2957   Pride Intl Inc Del Com            97129.48    50923.39    -46206.09
 9/7/2007   11/13/2008     449   Pride Intl Inc Del Com            16454.12     7732.37                  -8721 75
   6/7/2007    11 / 13/2008     4034    Pride Intl Inc Del Com                   147043. 2          69470 .74                        -77572.46
   8/6/2007    11/13/2008       2750    Pride Intl Inc Del Com                   93774 48           47358 . 58                        -464159
  8/19/2008     12/4/2008        278    Psychiatric Solutions Inc Com               10286            6607.97        -3678.03
   8/7/2008     12 /4/2008       147    Psychiatric Solutions Inc Com             5437 82            3494.14        -1943.68
   9/7/2007     12 /4/2008       563    Teva Pharmaceutical Inds Ltd A           24568 . 04         23725.64                             -842.4
   8/6/2007     12/4/2008         53    Teva Pharmaceutical Inds Ltd A            2240 . 24           2233.5                              -6.74
   8/7/2008     12/4/2008       2874    King Pharmaceuticals Inc Com             33377. 49          26941 . 58      -6435 91
  8/19/2008     12/4/2008        235    Diamond Offshore Drilling Inc Ci         25706 . 65         16077.76        -9628 89
 11/12/2008     12/4/2008        906    Diamond Offshore Drilling Inc Ci         74151 48           61984.91       -12166.57
   9/7/2007     12 /4/2008       938    Diamond Offshore Drilling Inc C,        100924 .11          64174 .22                        -36749 89
   7/6/2007     12 /4/2008      1839    Diamond Offshore Drilling Inc Ci        188708 91          125817 06                         -62891 85
   8/6/2007     12/4/2008       1208    Diamond Offshore Drilling Inc Ci        121197.82           82646.55                         -38551.27
   9/8/2008     12/4/2008       2963    Asbury Automotive Group Inc C(           38825 67           12544 . 08     -26281.59
 11/12/2008     12/4/2008        548    Asbury Automotive Group Inc C(            1873 89               2320          446.11
  12/6/2007     12/4/2008       1280    Costco Whsl Corp New Com                 86323.09           62933.53       -23389.56
  8/19/2008     12/4/2008        307    Costco Whsl Corp New Com                 20654 . 96         15094.22        -5560.74
 11/12/2008     12/4/2008       1307    Costco Whsl Corp New Com                 70739 41           64261 .04       -6478.37
  11/7/2007     12 /4/2008      3941    Costco Whsl Corp New Com                256008 27          193766.45                                        -62241.82
  8/19/2008     12/4/2008        340    Lifepoint Hospitals Inc Com              11892 . 79           6089.8                    -5802.99
   8/7/2008     12/4/2008       1056    Lifepoint Hospitals Inc Com              32272 .84          18914 22                  -13358.62
  8/19/2008     12/4/2008        384    Nalco Holding Company Com                 8931.84            3995.04                     -4936.8
   4/8/2008     12/4/2008       1150    Nalco Holding Company Com                25692.33            11964.3                  -13728.03
   4/7/2008     12/4/2008       2632    Nalco Holding Company Com                58299.43           27382 . 65                -30916.78
  7/24/2008     12/4/2008       1223    Nalco Holding Company Com                26944.89           12723 .77                 -14221.12
  7/21/2008     12 /4/2008       436    Nalco Holding Company Com                 9193.54            4536.03                    -4657.51
  7/17/2008     12/4/2008       1085    Nalco Holding Company Com                21796.02           11288 06                  -10507 96
 11/12/2008     12/4/2008       1277    Nalco Holding Company Com                17528.74           13285 . 58                  -4243.16
  8/19/2008     12/4/2008        161    Universal Hlth Svcs Inc Cl B             10200.96            5520 . 01                  -4680.95
   8/7/2008     12/4/2008        568    Universal Hlth Svcs Inc Cl B             35046 .51          19474 33                  -15572.18
 12/18/2008    12/26/2008         0.6   Facet Biotech Corp.                            7.8               6.67                        -1.13
  3/31/2008    12/ 31/2008    40.351    Leuthold Industrial Metals Fund ,                 0            23109                       23109
                                                                                                                          ------------- ----- --------
TOTAL GAINS                                                                                                                 2566601 .27           1414711 67
TOTAL LOSSES                                                                                                               -3564388 12           -1154566.14
                                                                            - ------------- ------- ------- ------------ - -------------
                                                                               50895937.86            50158296.53 -997786.85                        260145.53
                                                                            - ------------ - ---------- ---- ------- ------ -------------
                                                                            - ------------ - ---------- ---- ------- ------ -------------

				
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