On March 3 and March 12, 2008 the remainder of our auction rate securities with a par value of $5,000,000 failed to sell at auction. The investments consist of student loan auction rate preferred instruments issued by various state agencies pursuant to the Federal Family Educational Loan Program (FFELP). These investments are of high credit quality and the AAA credit ratings of the investments have been reaffirmed since March 2008. These instruments are collateralized in excess of the underlying obligations, are insured by the various state educational agencies, and are guaranteed by the Department of Education as an insurer of last resort. We have the intent and the ability to hold these investments until the anticipated recovery period which we believe will be less than twelve months.

(Sect 11 Subsequent Events p23 10Q)

Be well