<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>obermeyer13f4q2011.txt
<TEXT>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 12/31/2011
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Obermeyer Asset Management Co
Address: 616 EAST HYMAN STE 101
Aspen, CO 81611
Form 13F File Number: 28-11588
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Roger Hennefeld
Title: Director of Fixed Income
Phone: 970.925.8747
Signature, Place, and Date of Signing:
Roger Hennefeld Aspen, CO 2/2/2012
--------------------- --------------------- -------------------
[Signature] [City, State] [Date]
Report Type (Check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and
all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: none
-----------------------
Form 13F Information Table Entry Total: 256
-----------------------
Form 13F Information Table Value Total: $291860 (x1000)
-----------------------
List of Other Included Managers:
<PAGE>
Name of Reporting Manager
Form 13F Information Table
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
FORM 13F INFORMATION TABLE
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
TITLE OF VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER CLASS CUSIP (X$1000) PRN AMT PRN CALL DISCRETION MANAGERS SOLE SHARED NONE
---------------------------------------------------------------------------------------------------------------------------------
AT&T CORP Common 00206R102 504 16668SH SOLE None 16668
ABBOTT LABS Common 002824100 150 2670SH SOLE None 2670
ABERCROMBIE & FITCH CL A Common 002896207 10 200SH SOLE None 200
AIR PRODS & CHEMS INC COM Common 009158106 12 136SH SOLE None 136
ALPHA PRO TECH LTD F Common 020772109 1 1000SH SOLE None 1000
ALTRIA GROUP INC Common 02209S103 128 4329SH SOLE None 4329
ALUMINUM CORP CHINA SPON ADR H Common 022276109 4 408SH SOLE None 408
AMAZON INC. Common 023135106 40 230SH SOLE None 230
AMERICAN ELECTRIC POWER Common 025537101 8 200SH SOLE None 200
AMERICAN EXPRESS CO Common 025816109 94 2000SH SOLE None 2000
AMERIGAS PARTNERS L P UNIT L P Common 030975106 231 5035SH SOLE None 5035
AMETEK INC NEW Common 031100100 57 1350SH SOLE None 1350
AMSURG CORP Common 03232P405 8238 316370SH SOLE None 316370
ANADARKO PETROLEUM CORP Common 032511107 79 1031SH SOLE None 1031
ANHEUSER BUSCH COS Common 03524A108 9602 157430SH SOLE None 157430
ANNALY MORTGAGE MANAGEMENT INC Common 035710409 116 7265SH SOLE None 7265
APACHE CORP Common 037411105 7558 83442SH SOLE None 83442
APPLE COMPUTER INC Common 037833100 291 718SH SOLE None 718
ARCHER DANIELS MIDLAND Common 039483102 32 1110SH SOLE None 1110
B C E INC NEW F Common 05534B760 15 350SH SOLE None 350
BOK FINANCIAL CORP NEW Common 05561Q201 82 1500SH SOLE None 1500
BP PLC ADR Common 055622104 70 1643SH SOLE None 1643
B P PRUDHOE BAY RLTY TR ROYALT Common 055630107 57 500SH SOLE None 500
BAIDU INC SPON ADR REP A Common 056752108 41 350SH SOLE None 350
BANKAMERICA CORP Common 060505104 0 20SH SOLE None 20
BANK MONTREAL QUE COM Common 063671101 72 1310SH SOLE None 1310
BARCLAYS BANK IPATH ETN IPATH Common 06740C519 152 2500SH SOLE None 2500
BAXTER INTERNATIONAL INC. Common 071813109 17 350SH SOLE None 350
BECTON DICKINSON & CO Common 075887109 11 148SH SOLE None 148
1/100 SHARE BERKSHIRE HATHAWAY Common 084670108 1033 900SH SOLE None 900
BERKSHIRE HATHAWAY (CLASS B) Common 084670702 10155 133095SH SOLE None 133095
BHP BILLITON LTD Common 088606108 43 606SH SOLE None 606
BRISTOL MYERS SQUIBB Common 110122108 759 21528SH SOLE None 21528
BROOKFIELD ASSET MGMT Common 112585104 10902 396710SH SOLE None 396710
BUCKEYE PARTNERS L P UNIT LTD Common 118230101 13 200SH SOLE None 200
CIGNA CORP COM Common 125509109 58 1380SH SOLE None 1380
CNOOC LTD Common 126132109 6 33SH SOLE None 33
CALAMOS CONV OPP INC SH BEN IN Common 128117108 12 1044SH SOLE None 1044
CANADIAN NATL RAILWAY CO Common 136375102 9 115SH SOLE None 115
CANADIAN NAT RES LTD COM Common 136385101 149 3993SH SOLE None 3993
CATERPILLAR INC DEL Common 149123101 93 1032SH SOLE None 1032
CEMEX SA ADR Common 151290889 1 117SH SOLE None 117
CENTURYLINK INC Common 156700106 92 2486SH SOLE None 2486
CHESAPEAKE ENERGY CORP Common 165167107 32 1425SH SOLE None 1425
CHEVRON TEXACO CORPORATION Common 166764100 1583 14879SH SOLE None 14879
CHINA FD INC COM Common 169373107 1 65SH SOLE None 65
CHINA MOBILE LTD ADR Common 16941M109 2 35SH SOLE None 35
CHINACAST EDU CORP COM Common 16946T109 9 1425SH SOLE None 1425
CHIPOTLE MEXICAN GRILL CL A Common 169656105 62 185SH SOLE None 185
CHUNGHWA TELECM NEW ADR Common 17133Q502 27 801SH SOLE None 801
CISCO SYSTEMS Common 17275R102 17 950SH SOLE None 950
CLEVELAND CLIFFS INC COM Common 18683K101 16 250SH SOLE None 250
COACH INC COM Common 189754104 54 877SH SOLE None 877
COCA COLA CO Common 191216100 5923 84652SH SOLE None 84652
COLGATE-PALMOLIVE CO Common 194162103 11 122SH SOLE None 122
COMCAST CORP NEW CLASS A Common 20030N101 17 737SH SOLE None 737
CONAGRA INCORPORATED Common 205887102 10 370SH SOLE None 370
CONOCO PHILLIPS Common 20825C104 411 5639SH SOLE None 5639
CONSOLIDATED EDISON COM Common 209115104 174 2800SH SOLE None 2800
CONSTELLATION BRAND Common 21036P108 4 190SH SOLE None 190
CONTINENTAL RESOURCES Common 212015101 23 350SH SOLE None 350
CORN PRODS INTL INC Common 219023108 5 100SH SOLE None 100
COSTCO COMPANIES INC Common 22160K105 5027 60334SH SOLE None 60334
COURIER CORPORATION Common 222660102 40 3400SH SOLE None 3400
CROCS INC Common 227046109 0 25SH SOLE None 25
CURRENCYSHS AUSTRALIAN AUSTRAL Common 23129U101 90 880SH SOLE None 880
CURRENCYSHARES CDN DLR CDN DOL Common 23129X105 175 1790SH SOLE None 1790
DNP SELECT INCOME FUND Common 23325P104 36 3266SH SOLE None 3266
DAQO NEW ENERGY CORP SPONSORED Common 23703Q104 2 1210SH SOLE None 1210
DEERE & CO Common 244199105 77 1000SH SOLE None 1000
DEVON ENERGY CORP Common 25179M103 28 450SH SOLE None 450
DIGITAL RLTY TR INC COM Common 253868103 54 815SH SOLE None 815
DIREXION 3 BETA INVERSE 30 YEA Common 25459Y678 3 50SH SOLE None 50
DIREXION SHS ETF TR Common 25459Y686 9 124SH SOLE None 124
DISNEY WALT CO Common 254687106 8 225SH SOLE None 225
DIRECTV GROUP INC Common 25490A101 1 20SH SOLE None 20
DU PONT E I DE NEMOURS Common 263534109 59 1287SH SOLE None 1287
DUKE REALTY CORP COM NEW Common 264411505 23 1950SH SOLE None 1950
DUKE ENERGY CORP Common 26441C105 9278 421709SH SOLE None 421709
E M C CORP MASS Common 268648102 32 1500SH SOLE None 1500
ELDORADO GOLD CORP CDI FCHESS Common 284902103 6 426SH SOLE None 426
EMERSON ELECTRIC CO Common 291011104 10 225SH SOLE None 225
ENBRIDGE INC COM Common 29250N105 5 136SH SOLE None 136
ENBRIDGE ENERGY PRTNRS COM Common 29250R106 33 1000SH SOLE None 1000
ENDURO ROYALTY TRUST Common 29269K100 6 300SH SOLE None 300
ENERGY TRANSFER PARTNERS LP UN Common 29273R109 243 5294SH SOLE None 5294
ENERGY TRANSFER EQUITY COM UT Common 29273V100 93 2290SH SOLE None 2290
ENTERPRISE PRODS PARTN COM Common 293792107 303 6535SH SOLE None 6535
EXELON CORP Common 30161N101 6571 151510SH SOLE None 151510
EXELIS INC Common 30162A108 0 2SH SOLE None 2
EXXON MOBIL CORPORATION Common 30231G102 2465 29082SH SOLE None 29082
F5 NETWORKS INC COM Common 315616102 18 165SH SOLE None 165
FIRST SOLAR INC COM Common 336433107 3 75SH SOLE None 75
FISERV INC COM Common 337738108 53 900SH SOLE None 900
FREEPORT MCMORAN COPPER Common 35671D857 13254 360259SH SOLE None 360259
FRESENIUS MED CARE ADR F Common 358029106 1 10SH SOLE None 10
FRONTIER COMMUNICATIONS Common 35906A108 2 352SH SOLE None 352
GENERAL ELEC CO Common 369604103 107 6000SH SOLE None 6000
GOLDMAN SACHS GROUP Common 38141G104 27 300SH SOLE None 300
GOOGLE INC CL A Common 38259P508 26 40SH SOLE None 40
HEALTH CARE PPTY INV INC REIT Common 40414L109 35 840SH SOLE None 840
HEINZ HJ & CO Common 423074103 128 2360SH SOLE None 2360
HERSHEY FOODS CORP Common 427866108 101 1630SH SOLE None 1630
HOLLYFRONTIER CORP Common 436106108 68 2886SH SOLE None 2886
HOME DEPOT, INC. Common 437076102 45 1071SH SOLE None 1071
HONEYWELL INC Common 438516106 16 300SH SOLE None 300
INTEL CORP Common 458140100 70 2868SH SOLE None 2868
INTERNATIONAL BUS MACH Common 459200101 786 4275SH SOLE None 4275
INTUITIVE SURGICAL INC COM NEW Common 46120E602 19 40SH SOLE None 40
ISHARES MSCI CDA IDX FD CANADA Common 464286509 6 225SH SOLE None 225
ISHARES TR BARCLYS TIPS BD Common 464287176 187 1605SH SOLE None 1605
ISHARES TR BARCLY USAGG B Common 464287226 105 950SH SOLE None 950
ISHARES IBOXX INV GRADE CORP B Common 464287242 108 950SH SOLE None 950
MSCI EAFE INDEX S&P GBL INF Common 464287291 27 460SH SOLE None 460
ISHARES TR BARCLAYS BONDBARCLA Common 464287457 15 175SH SOLE None 175
ISHARES TR S&P MIDCAP 400 Common 464287507 33 372SH SOLE None 372
ISHARES TR DJ US BASIC MATERIA Common 464287838 42 660SH SOLE None 660
ISHARES TR BARCLAYS 1-3 YEAR C Common 464288646 505 4850SH SOLE None 4850
ISHARES TR S&P GLB MTRLS Common 464288695 5334 93250SH SOLE None 93250
ISHARES AERO & DEF INDEX FUND Common 464288760 22 365SH SOLE None 365
ISHARES SILVER TRUST ISHARES Common 46428Q109 11374 422185SH SOLE None 422185
JP MORGAN CHASE & CO Common 46625H100 14 425SH SOLE None 425
JIVE SOFTWARE INC Common 47760A108 18 1150SH SOLE None 1150
JOHNSON & JOHNSON Common 478160104 5142 78411SH SOLE None 78411
KANSAS CITY SOUTHERN Common 485170302 15 225SH SOLE None 225
KIMBERLY CLARK CORP Common 494368103 234 3175SH SOLE None 3175
KINDER MORGAN ENERGY UT LTD PA Common 494550106 80 945SH SOLE None 945
KINDER MORGAN ENERGY UT LTD PA Common 494550106 316 3720SH SOLE None 3720
KOREA ELECTRIC PWR ADR Common 500631106 9 800SH SOLE None 800
KOREA FD COM Common 500634209 19 532SH SOLE None 532
KRAFT FOODS INC CL A Common 50075N104 320 8556SH SOLE None 8556
KROGER COMPANY Common 501044101 18 750SH SOLE None 750
LAREDO PETE HLDGS INC Common 516806106 194 8700SH SOLE None 8700
LEVEL 3MUNICTIONS Common 52729N308 11 666SH SOLE None 666
LIHUA INTL INC COM Common 532352101 5 1029SH SOLE None 1029
LILLY ELI & CO Common 532457108 96 2300SH SOLE None 2300
LOCKHEED MARTIN CORP Common 539830109 8919 110243SH SOLE None 110243
LUXOTTICA GROUP SPA ADR Common 55068R202 6 200SH SOLE None 200
MARATHON OIL CORP Common 565849106 12 400SH SOLE None 400
MARATHON PETE CORP Common 56585A102 7 200SH SOLE None 200
MARKET VECTORS ETF TR GOLD MIN Common 57060U100 40 780SH SOLE None 780
MASTERCARD INC Common 57636Q104 49 131SH SOLE None 131
MCCORMICK & CO INC COM NON VTG Common 579780206 7634 151415SH SOLE None 151415
MCDONALDS CORP Common 580135101 6126 61057SH SOLE None 61057
MEDTRONIC INC Common 585055106 6121 160028SH SOLE None 160028
MEREDITH CORP Common 589433101 2 50SH SOLE None 50
METTLER TOLEDO INTL Common 592688105 39 261SH SOLE None 261
MEXICO FD INC COM Common 592835102 4 200SH SOLE None 200
MICROSOFT CORP Common 594918104 99 3811SH SOLE None 3811
MISONIX INC COM Common 604871103 1 500SH SOLE None 500
MONSANTO CO Common 61166W101 60 859SH SOLE None 859
MURPHY OIL CORP COM Common 626717102 84 1500SH SOLE None 1500
NATIONAL OILWELL VARCO Common 637071101 1 20SH SOLE None 20
COMMERCIAL NET LEASE COM Common 637417106 50 1900SH SOLE None 1900
NATURAL RESOURCE PRTNR COM UNI Common 63900P103 23 850SH SOLE None 850
NEWMONT MINING CORP COM Common 651639106 15 250SH SOLE None 250
NOKIA CORP SPON ADR F Common 654902204 23 4800SH SOLE None 4800
NOBLE CORPORATION SHS Common 655044105 14 450SH SOLE None 450
NOBLE ENRGY INC COM Common 655044105 19 200SH SOLE None 200
NOVO-NORDISK A S ADR Common 670100205 8907 77281SH SOLE None 77281
NSTAR Common 67019E107 61 1301SH SOLE None 1301
NUCOR CORP. Common 670346105 32 800SH SOLE None 800
OCCIDENTAL PETE CO Common 674599105 92 985SH SOLE None 985
ORACLE CORPORATION Common 68389X105 1 50SH SOLE None 50
PNC FINL SVCS GROUP COM Common 693475105 75 1300SH SOLE None 1300
POSCO ADR Common 693483109 62 752SH SOLE None 752
PATTERSON UTI ENERGY INC Common 703481101 6287 314687SH SOLE None 314687
PENN VIRGINIA RES PARTNERS Common 707884102 63 2480SH SOLE None 2480
PEPSICO INC Common 713448108 247 3725SH SOLE None 3725
PETROCHINA CO F SPON ADR Common 71646E100 16 125SH SOLE None 125
PETROLEO BRASILEIRO SA SPONSOR Common 71654V408 32 1285SH SOLE None 1285
PETSMART INC COM Common 716768106 4 80SH SOLE None 80
PFIZER INC Common 717081103 37 1715SH SOLE None 1715
PHILIP MORRIS INTL INC Common 718172109 219 2786SH SOLE None 2786
PITNEY BOWES INC COM Common 724479100 137 7380SH SOLE None 7380
PLAINS ALL AM PIPELINE UNIT LT Common 726503105 725 9870SH SOLE None 9870
PLUM CREEK TIMBER COMPANY REIT Common 729251108 16 440SH SOLE None 440
POTASH CORP SASK INC Common 73755L107 8204 198740SH SOLE None 198740
POTLATCH CORPORATION NEW Common 737630103 12 375SH SOLE None 375
POWERSHS DB COMMDTY INDEX Common 73935S105 3 100SH SOLE None 100
PROCTER & GAMBLE CO Common 742718109 10358 155272SH SOLE None 155272
PRIVATE BANCORP INC Common 742962103 6 551SH SOLE None 551
PROGRESS ENERGY INC COM Common 743263105 20 350SH SOLE None 350
QUALCOMM Common 747525103 34 620SH SOLE None 620
QUEST DIAGNOSTICS INC COM Common 74834L100 70 1210SH SOLE None 1210
REAVES UTIL INCOME FD COM SH B Common 756158101 26 1000SH SOLE None 1000
REVLON INC CL A Common 761525609 1 70SH SOLE None 70
REYNOLDS AMERICAN INC COM Common 761713106 282 6797SH SOLE None 6797
RIO TINTO PLC ADR Common 767204100 7 145SH SOLE None 145
ROYAL DUTCH ADR Common 780259206 104 1425SH SOLE None 1425
ROYAL GOLD INC Common 780287108 43 640SH SOLE None 640
SPDR - S&P500 INDEX Common 78462F103 38 300SH SOLE None 300
STREETTRACKS GOLD TR Common 78463V107 31714 208659SH SOLE None 208659
SPDR INTL INFLATION GOVT ETF Common 78464A490 12574 221560SH SOLE None 221560
SPDR BARCLAYS CAP TIPS ETF Common 78464A656 58 1000SH SOLE None 1000
SALESFORCE COM INC COM Common 79466L302 47 460SH SOLE None 460
SCHLUMBERGER LTD Common 806857108 16 230SH SOLE None 230
SCRIPPS E W CO OHIO CL A Common 811054402 0 13SH SOLE None 13
SCRIPPS NTWK INTERACTIVE Common 811065101 2 40SH SOLE None 40
SEACOR HOLDINGS INC COM Common 811904101 7623 85687SH SOLE None 85687
SILVER BULL RES INC COM Common 827458100 5 10000SH SOLE None 10000
SILVER WHEATON CORP COM Common 828336107 36 1260SH SOLE None 1260
SKECHERS U S A INC CL A Common 830566105 8 675SH SOLE None 675
SOC QUIMICA MINERALA B ADR F D Common 833635105 41 760SH SOLE None 760
THE SOUTHERN COMPANY Common 842587107 174 3750SH SOLE None 3750
SPECTRA ENERGY CORP Common 847560109 31 1000SH SOLE None 1000
STANLEY WORKS Common 854502101 33 490SH SOLE None 490
STARBUCKS CORP COM Common 855244109 36 775SH SOLE None 775
STATE STREET CORP Common 857477103 16 407SH SOLE None 407
STATOIL ASA Common 85771P102 266 10390SH SOLE None 10390
STEEL DYNAMICS INC COM Common 858119100 9 671SH SOLE None 671
SUNCOR ENERGY INC Common 867224107 11562 401027SH SOLE None 401027
SYNOPSYS INC COM Common 871607107 18 652SH SOLE None 652
SYNGENTA AG ADR Common 87160A100 9093 154276SH SOLE None 154276
TG PIPELINES LP Common 87233Q108 28 580SH SOLE None 580
TECO ENERGY INC Common 872375100 122 6400SH SOLE None 6400
TATA MTRS LTD ADR Common 876568502 7 400SH SOLE None 400
TEREX CORP Common 880779103 5914 437719SH SOLE None 437719
TERRA NITROGEN CO L P COM UNIT Common 881005201 101 600SH SOLE None 600
TEVA PHARMACEUTCL INDS ADR Common 881624209 42 1051SH SOLE None 1051
MINNESOTA MNG & MFG CO Common 88579Y101 295 3613SH SOLE None 3613
TOTAL FINA S A ADR REP 1/2 ORD Common 89151E109 27 537SH SOLE None 537
UBS AG JERSEY BRH LONG PLATN E Common 902641786 0 30SH SOLE None 30
UNION PAC CORP Common 907818108 218 2059SH SOLE None 2059
UNIT CORPORATION Common 909218109 562 12105SH SOLE None 12105
UNITED PARCEL SERVICE CL B Common 911312106 1 10SH SOLE None 10
UNITED STATES STEEL CORP Common 912909108 5796 219052SH SOLE None 219052
UNITED TECHNOLOGIES CP Common 913017109 7607 104083SH SOLE None 104083
VALE S A ADR Common 91912E105 24 1100SH SOLE None 1100
VALERO ENERGY CORP Common 91913Y100 1 65SH SOLE None 65
VANCEINFO TECH INC ADR Common 921564100 2 178SH SOLE None 178
VANGUARD INDEX FDS REIT ETF Common 922908553 9 155SH SOLE None 155
VANGUARD VALUE Common 922908744 117 2221SH SOLE None 2221
VERIZON COMMUNICATIONS Common 92343V104 377 9408SH SOLE None 9408
VIACOM INC NEW CL B Common 92553P201 8 173SH SOLE None 173
WAL MART STORES INC Common 931142103 23 380SH SOLE None 380
WALGREEN CO Common 931422109 19 568SH SOLE None 568
WATSON PHARMACEUTICALS Common 942683103 33 547SH SOLE None 547
WEIGHT WATCHERS INTL COM Common 948626106 3 50SH SOLE None 50
WELLS FARGO & CO Common 949746101 320 11593SH SOLE None 11593
WESTERN ASSET CLAYMORE Common 95766R104 180 14290SH SOLE None 14290
WESTERN REFINING INC Common 959319104 12 915SH SOLE None 915
WEYERHAEUSER CO Common 962166104 14 733SH SOLE None 733
WHIRLPOOL CORP COM Common 963320106 5090 107281SH SOLE None 107281
WILEY JOHN & SONS CL A Common 968223206 33 750SH SOLE None 750
WILLIAMS PARTNERS L P COM UNIT Common 96950F104 130 2162SH SOLE None 2162
WYNN Common 983134107 55 500SH SOLE None 500
XCEL ENERGY INC Common 98389B100 26 946SH SOLE None 946
XYLEM INC Common 98419M100 0 2SH SOLE None 2
YANZHOU COAL MNG LTD SPON ADR Common 984846105 15 720SH SOLE None 720
YUM BRANDS Common 988498101 31 520SH SOLE None 520
ZIMMER HOLDINGS INC Common 98956P102 14 265SH SOLE None 265
COOPER INDUSTRIES LTD CLASS A Common G24140108 9 164SH SOLE None 164
NORDIC AMERICAN TANKER Common G65773106 2500 208523SH SOLE None 208523
SHIP FINANCE INTL F Common G81075106 93 9930SH SOLE None 9930
TRANSOCEAN SEDCO FOREX F Common H8817H100 8 200SH SOLE None 200
TOTAL $291860(x1000)
</TABLE>
</TEXT>
</DOCUMENT>