Portfolio Update

Here is how the portfolio looks as of 5/4/06.
YTD Return: 18.7%
(Includes Dividends and Commissions)

Top 10 Holdings (% of Portfolio)
1. Titanium Metal (TIE) 13.4%
2. Broadcom (BRCM) 11.2%
3. Bema Gold (BGO) 10.3%
4. Etrade (ET) 9.1%
5. Cerner (CERN) 8.7%
6. Chesapeake Energy (CHK) 7.7%
7. Silver Wheaton (SLW) 7.7%
8. Banco Bradesco (BBD) 7.0%
9. Citigroup (C) 5.3%
10. Altria (MO) 5.3%
Other 14.3%
Short: None

Best Holding YTD Return: Titanium Metals (Up 134.75%)
Worst Holding YTD Return: Cerner Corp. (Down -11.37%)
Most Recent Transaction (3/29/06): Sold Position in New River Pharma (NRPH)