Pages
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Report
of Independent Registered Public Accounting Firm
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FINANCIAL
STATEMENTS:
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Statements
of net assets available for benefits
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as
of December 31, 2005 and December 31, 2004
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1
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Statement
of changes in net assets available for benefits
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for
the year ended December 31, 2005
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2
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Notes
to financial statements
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3-10
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SUPPLEMENTAL
SCHEDULE:
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Schedule
H, Line 4i - Schedule of assets (held at end of year)
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11-12
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Exhibits
to Annual Report on Form 11-K
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13
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Signatures
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14
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2005
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2004
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|||||
ASSETS
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|||||||
Investments
(Note 3)
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$
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111,111,689
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$
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100,174,287
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Receivables:
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|||||||
Employer
contribution
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348,230
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70,719
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|||||
Accrued
interest and dividends
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29,997
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22,947
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|||||
Total
receivables
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378,227
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93,666
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Net
assets available for benefits
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$
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111,489,916
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$
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100,267,953
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Additions:
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Investment
income:
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||||
Income
from Master Trust
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$
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1,369,426
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Net
appreciation in fair value of investments
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4,302,326
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Interest
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325,268
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Dividends
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422,994
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Total
investment income
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6,420,014
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Contributions:
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Participant
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6,786,183
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Employer
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2,787,022
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Rollover
contributions
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435,336
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Total
contributions
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10,008,541
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Transfers,
net (Note 10)
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4,615,905
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Total
additions
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21,044,460
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Deductions:
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||||
Distributions
to participants
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9,818,638
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Administrative
costs
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3,859
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Total
deductions
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9,822,497
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Net
increase in net assets available for benefits
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11,221,963
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Net
assets available for benefits:
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Beginning
of year
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100,267,953
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End
of year
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$
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111,489,916
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December
31, 2005
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December
31, 2004
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||||||
Units
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788,960
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795,195
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Market
Price
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$
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30,251,763
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$
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31,772,631
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December
31, 2005
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December
31, 2004
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||||||
M&I
Diversified Stock Fund, 199,348 and
212,840
units, respectively
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$
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6,133,222
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$
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6,052,464
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M&I
Stable Principal Fund,
8,571,140
and 7,278,480 - units, respectively
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8,571,140
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7,278,480
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Vanguard
Institutional Index Fund, 129,402
and
130,596 units, respectively
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14,753,130
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14,458,232
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Managers
Special Equity Fund,
78,743
and 74,721 units, respectively
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6,832,544
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6,755,514
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M&I
Diversified Income Fund, 199,348 and 277,173 units,
respectively
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5,633,498
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5,463,153
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Legg
Mason Value Fund, 85,319 and 79,763 units, respectively
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5,861,426
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5,202,950
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Marshall
Mid-Cap Value Fund, 387,230
and
336,204 units, respectively
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5,653,553
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5,063,228
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Dodge
& Cox Stock Fund, 55,828 and - 36,233 units,
respectively
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7,660,782
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4,718,271
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Investment
in Modine Company Stock
Master
Trust Fund, 788,960 and 795,195 units, respectively
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30,251,763
*
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31,772,631
*
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Fidelity
Advisor Diversified International Fund, 332,019 and 252,396 units,
respectively
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6,942,515
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4,684,466
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Common
collective funds
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$932,157
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Mutual
Funds
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3,370,169
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$4,302,326
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Plan's
Share of Master
Trust's
Net Assets
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2005
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2004
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Modine
Company Stock Master Trust Fund
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26.65%
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24.40%
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2005
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2004
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Modine
Common Stock
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$
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111,517,700
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$
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129,259,369
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Receivables
(payables), net
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5,949
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(27,436
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)
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Cash
and cash equivalents
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1,953,070
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1,000,173
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Total
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$
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113,476,719
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$
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130,232,106
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Net
depreciation in fair value
of
Modine Common Stock
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$
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(4,147,150
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)
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Proliance
Stock received from spin-off
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5,862,129
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Interest
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69,172
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Dividends
on Modine Common Stock
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2,515,371
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Total
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$
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4,299,522
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December
31, 2005
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December
31, 2004
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Net
Assets:
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Modine
Common Stock Fund
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$18,138,913
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$ 18,785,866
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Proliance
Stock Fund
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46,580
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-
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Year
Ended
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December
31, 2005
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Changes
in Net Assets:
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Contributions
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$2,787,022
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Investment
income
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1,181,723
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Interfund
transfers, net
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(3,020,377)
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Benefits
paid to Participants
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(1,548,925)
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$
(600,372)
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12. |
Proliance
Spin-off
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(a)
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(b)
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(c)
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(d)
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(e)
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Identity
of issue, borrower, lessor or similar party
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Description
of investment including
maturity
date, rate of interest,
collateral,
par or maturity value
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Shares
or units
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Cost
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Current
value
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Common
Collective Funds
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*
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Marshall
& Ilsley Trust Company
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Diversified
Income Fund
Growth
Balanced Fund
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277,173
188,256
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**
**
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$
5,633,498
4,872,702
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Diversified
Stock Fund
Stable
Principal Fund
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199,348
8,571,140
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**
**
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6,133,222
8,571,140
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Mutual
Funds
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The
Vanguard Group
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Vanguard
Institutional Index Fund
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129,402
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**
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14,753,130
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The
Managers Funds, L.P.
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Special
Equity Fund
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78,743
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**
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6,832,544
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American
Funds, Inc.
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Growth
Fund of America
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99,640
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**
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3,039,013
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Legg
Mason
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Value
Fund
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85,319
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**
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5,861,426
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Calamos
Investment Trust
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Growth
Fund
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42,773
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**
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2,355,067
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Dodge
and Cox
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Dodge
and Cox Stock Fund
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55,828
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**
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7,660,782
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Fidelity
Advisor Series VIII
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Diversified
International Fund
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332,019
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**
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6,942,515
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Royce
Fund
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Opportunity
Fund
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143,006
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**
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1,734,664
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*
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Marshall
Funds, Inc.
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Marshall
Mid-Cap Value Fund
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387,230
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**
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5,653,553
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(a)
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(b)
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(c)
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(d)
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(e)
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||||||
Identity
of issue, borrower, lessor or similar party
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Description
of investment including
maturity
date, rate of interest,
collateral,
par or maturity value
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Shares
or units
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Cost
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Current
value
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||||||
Other
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*
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Marshall
& Ilsley Trust Company
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Modine
Company Stock Master Trust Fund (Common Stock and Marshall Money
Market
Fund)
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788,960
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$18,549,280
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30,251,763
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*
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Participant
Loans
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5.00
- 10.50% interest rate, various
maturity
dates
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816,6700
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|||||||
$111,111,689
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Exhibit
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Number
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Description
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23
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Consent
of Independent Registered Public Accounting Firm, filed
herewith.
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MODINE
401(k) RETIREMENT PLAN
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FOR
SALARIED EMPLOYEES
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/s/Dean R. Zakos | |
Date:
June 28, 2006
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Dean
R. Zakos
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