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<SEC-DOCUMENT>0000949377-04-000111.txt : 20040303
<SEC-HEADER>0000949377-04-000111.hdr.sgml : 20040303
<ACCEPTANCE-DATETIME>20040303131220
ACCESSION NUMBER:		0000949377-04-000111
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		25
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040303
EFFECTIVENESS DATE:		20040303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		04645362

	BUSINESS ADDRESS:	
		STREET 1:		1414 AVE OF THE AMERICAS 9TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>e64934.htm
<TEXT>
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<div align="center"><font face="Times New Roman" size="5"><b>UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br></b></font></div><div align="center"><font face="Times New Roman" size="3">Washington, D.C. 20549</font></div>
<p align="center"><font face="Times New Roman" size="4"><b>FORM N-CSR</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFIED SHAREHOLDER REPORT<br>OF<br>REGISTERED MANAGEMENT INVESTMENT COMPANIES
</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Investment Company Act file
 number: 811-04875</font></p>
<p align="center"><font face="Times New Roman" size="2">Name of Registrant: Royce
 Value Trust, Inc.</font></p>
<p align="center"><font face="Times New Roman" size="2">Address of Registrant: 1414
 Avenue of the Americas<br>New York, NY 10019</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="center" width="55%"><font face="Times New Roman" size="2">Name and address
 of agent for service:</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E. Denneen,
 Esquire<br>1414 Avenue of the Americas<br>New York, NY 10019</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">Registrant&#146;s telephone number, including
 area code: (212) 486-1445<br>Date of fiscal year end: December 31<br>Date of reporting
 period: July 1, 2003 &#150; December 31, 2003</font></p>
<p><font face="Times New Roman" size="2"><b>Item 1: Reports to Shareholders</b></font></p>
<hr size="5" color="gray" noshade>
<br>
<page>
<table width="100%" border="0" bgcolor="#144A87" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" valign="top"><br><br><br><br><br><br><br></td></tr>
<tr>
<td colspan="3" valign="top" align="center"><font color="#ffffff" face="Serif"><b><i>2003 Annual Report</i></b></font></td>
</tr>
<tr>
<td colspan="3" valign="top">&#160;<br><br><br><br></td></tr>
<tr>
<td valign="top" width="30%" align="center"></td>
<td valign="top" align="center" bgcolor="#ffffff">
<div style="background-color:#FFFFFF;border-style:solid;border-width:2px;border-color:#ffe98b">
<div style="background-color:#FFFFFF;border-style:solid;border-width:2px;border-color:#144A87">
<font color="#144A87" face="Serif" size="5"><br>THE<br>ROYCE<br>FUNDS</font><br><br><br>
<font face="Serif" size="2"><i>Value Investing In Small Companies<br>For More Than 25 Years</i></font><br><br><br>
<font color="#144A87" face="Serif" size="4">R<small>OYCE</small> V<small>ALUE</small> T<small>RUST</small></font><br><br>
<font color="#144A87" face="Serif" size="4">R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST</small></font><br><br>
<font color="#144A87" face="Serif" size="4">R<small>OYCE</small> F<small>OCUS</small> T<small>RUST</small></font><br><br><br>
</td>
<td valign="top" width="30%" align="center"></td>
</tr>
<tr>
<td colspan="3" valign="top" align="center">&#160;</td>
</tr>
</table>
<table width="100%" border="0" bgcolor="#144A87" cellspacing="0" cellpadding="8">
<tr><td colspan="3" valign="top" align="center"><br><br><br><br><br><br><br><br><br><br><br><br><br><br></td></tr>
<tr><td colspan="3" valign="top" align="center"><font color="#ffffff" face="Serif" size="2">www.roycefunds.com</font><br><br><br></td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr height="35" bgcolor="#144A87">
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="5" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr height="40">
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#144A87" valign="top" colspan="5"><font color="#ffffff" face="Serif" size="3"><b>A F<small>EW</small> W<small>ORDS</small> O<small>N</small> C<small>LOSED</small>-E<small>ND</small> F<small>UNDS</small></b></font><hr style="margin-top:-7px;" size="1" color="#ffffff" noshade><br><br></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="5" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="3"><div align="justify"><font face="Serif" color="#144A87" size="3"><b><i>Royce &#038; Associates, LLC manages three closed-end funds: Royce Value Trust, the first small-cap value
closed-end fund offering; Royce Micro-Cap Trust, the only micro-cap closed-end fund; and Royce
Focus Trust, a closed-end fund that invests in a limited number of domestic companies.</i></b></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="5" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top" colspan="3"><div align="justify">
<font color="#144A87" face="Serif" style="float:left;font-size:42pt;line-height:30pt;margin-top:3px;">A</font>
<font face="Serif" size="2">closed-end fund is an investment company whose shares are listed on a stock exchange or are traded in the
over-the-counter market. Like all investment companies, including open-end mutual funds, the assets of a
closed-end fund are professionally managed in accordance with the investment objectives and policies
approved by the fund&#146;s Board of Directors. A closed-end fund raises cash for investment by issuing a fixed number of
shares through initial and other public offerings which may include periodic rights offerings. Proceeds from the offerings
are invested in an actively managed portfolio of securities. Investors wanting to buy or sell shares of a publicly traded
closed-end fund after the offerings must do so on a stock exchange or the Nasdaq market, as with any publicly traded
stock. This is in contrast to open-end mutual funds, where the fund sells and redeems its shares on a continuous basis.<br><br><br></font></div>
</td>
<td width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="8"><hr size="2" color="#144A87" noshade style="margin-top:-7px;"></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left"><font color="#144A87" face="Serif" size="3"><b>A C<small>LOSED</small>-E<small>ND</small> F<small>UND</small> O<small>FFERS</small> S<small>EVERAL</small> D<small>ISTINCT</small> A<small>DVANTAGES</small><br>
N<small>OT</small> A<small>VAILABLE</small> F<small>ROM</small> A<small>N</small> O<small>PEN</small>-E<small>ND</small> F<small>UND</small> S<small>TRUCTURE</small></b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="center"><font face="Sans-Serif" size="2" color="#FFF0B8">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top"><font color="#144A87" face="Sans-Serif" size="3"><b>&#149;</b></font></td>
<td colspan="5"><div align="justify"><font face="Serif" size="2">Since a closed-end fund does not issue redeemable securities or offer its securities on a continuous basis, it does not
need to liquidate securities or hold uninvested assets to meet investor demands for cash redemptions, as an open-end
fund must.<br><br></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top"><font color="#144A87" face="Sans-Serif" size="3"><b>&#149;</b></font></td>
<td colspan="5"><div align="justify"><font face="Serif" size="2">In a closed-end fund, not having to meet investor redemption requests or invest at inopportune times is ideal for value
managers who attempt to buy stocks when prices are depressed and sell securities when prices are high.<br><br></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top"><font color="#144A87" face="Sans-Serif" size="3"><b>&#149;</b></font></td>
<td colspan="5"><div align="justify"><font face="Serif" size="2">A closed-end fund may invest more freely in less liquid portfolio securities because it is not subject to potential stockholder
redemption demands. This is particularly beneficial for Royce-managed closed-end funds, which invest in
small- and micro-cap securities.<br><br></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top"><font color="#144A87" face="Sans-Serif" size="3"><b>&#149;</b></font></td>
<td colspan="5"><div align="justify"><font face="Serif" size="2">The fixed capital structure allows permanent leverage to be employed as a means to enhance capital appreciation potential.<br><br></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top"><font color="#144A87" face="Sans-Serif" size="3"><b>&#149;</b></font></td>
<td colspan="5"><div align="justify"><font face="Serif" size="2">Unlike open-end funds, our closed-end funds are able to distribute capital gains on a quarterly basis. Each of the Funds has
adopted a quarterly distribution policy for its common stock.<br><br></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="6"><div align="justify"><font face="Serif" size="2"><b><i>We believe that the closed-end fund structure is very suitable for the long-term investor who understands the benefits
of a stable pool of capital.</i></b><br><br></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" bgcolor="#E9E8F0" colspan="8"><hr size="4" color="#144A87" noshade style="margin-top:-7px;"></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="6" bgcolor="#E9E8F0" align="left" valign="top"><br><font face="Serif" size="3" color="#144A87"><b>W<small>HY</small> D<small>IVIDEND</small> R<small>EINVESTMENT</small> I<small>S</small> I<small>MPORTANT</small></b><br><br></font>
<div align="justify"><font face="Serif" size="2">A very important component of an investor&#146;s total return comes from the reinvestment of distributions. By reinvesting
distributions, our investors can maintain an undiluted investment in a Fund. To get a fair idea of the impact of
reinvested distributions, please see the charts on pages <a href="#page_13">13</a>, <a href="#page_15">15</a> and <a href="#page_17">17</a>. For additional information on the
Funds&#146; Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, see page <a href="#page_11">11</a>.</font></div>
</td>
<td bgcolor="#E9E8F0"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="2%" align="left" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" valign="top" align="left"><font face="Sans-Serif" size="2" color="#144A87">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" valign="top" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" valign="top" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#144A87" width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#E9E8F0" width="1%" align="left" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" valign="top" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#E9E8F0" width="3%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr height="35" bgcolor="#144A87">
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="5" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" bgcolor="#144A87"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_1"></a>
<div align="right"><font face="Serif" color="#144A87"><b>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small></b></font><hr size="2" color="#144A87" noshade></div>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" colspan="7" align="left"><font color="#144A87" face="Serif" size="4"><br><br><b>A<small>NNUAL</small> R<small>EPORT</small> R<small>EFERENCE</small> G<small>UIDE</small></b></font>
<hr color="#144A87" noshade size="3"></td></tr>
<tr>
<td colspan="3" valign="top" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" width="70%" align="left"><font color="#144A87" face="Serif"><b><i>For more than 25 years, our approach has focused on evaluating a
company&#146;s current worth &#151; our assessment of what we believe a knowledgeable
buyer might pay to acquire the entire company, or what we think the
value of the company should be in the stock market. This analysis takes
into consideration a number of relevant factors, including the company&#146;s
future prospects. We select these securities using a risk-averse value approach,
with the expectation that their market prices should increase toward our
estimate of their current worth, resulting in capital appreciation for Fund investors.
</i></b></font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="right" width="30%"><img src="lens.jpg"></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><br><b>Letter to Our Stockholders: Curb Your Enthusiasm
</b></font></td>
<td width="2%"><font face="Serif" size="2">&#160;</font></td>
<td width="18%" valign="bottom" align="right">
<font color="#144A87" face="Serif"><b><a href="#page_2">2</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Small-Cap Market Cycle Performance</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#144A87" face="Serif"><b><a href="#page_10">10</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>History Since Inception</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#144A87" face="Serif"><b><a href="#page_11">11</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Performance and Portfolio Review:</b><br><i>Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust</i></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Serif"><b><a href="#page_12">12</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Distribution Reinvestment and Cash Purchase Options</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Serif"><b><a href="#page_18">18</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Directors and Officers</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Serif"><b><a href="#page_19">19</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Notes to Performance and Statistical Information</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Serif"><b><a href="#page_20">20</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Schedules of Investments and Other Financial Statements</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Serif"><b><a href="#page_21">21</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#144A87" face="Serif"><b>Postscript: Handi-capping</b></font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right" nowrap>
<font color="#144A87" face="Serif"><b><a href="#postscript">Inside Back Cover</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#144A87" noshade></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr bgcolor="#144A87">
<td>&#160;</td>
<td colspan="27"><font color="#ffe98b" face="Sans-Serif" size="2">
<b>NAV AVERAGE ANNUAL TOTAL RETURNS</b> Through December 31, 2003</font></td>
</tr>
<tr>
<td>&#160;</td>
<td valign="bottom" align="left"><font color="#144A87" face="Sans-Serif" size="2"><b>FUND</b></font>
</td>
<td><font color="#ffe98b" face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>4TH QUARTER<br>2003<a href="#lens_one_star"
>*</a></b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>JUL-DEC<br>2003<a href="#lens_one_star"
>*</a></b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>1-YEAR</b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>3-YEAR</b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>5-YEAR</b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>10-YEAR</b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>SINCE INCEPTION</b></font>
</td>
<td><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" valign="bottom" align="center"><font color="#144A87" face="Sans-Serif" size="2"><b>INCEPTION DATE</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="28" align="left"><hr size="2" color="#144A87" noshade></td>
</tr>
<tr>
<td>&#160;</td>
<td nowrap valign="bottom" align="left"><font color="#144A87" face="Sans-Serif" size="2"><b>Royce Value Trust</b></font>
</td>
<td><font color="#ffe98b" face="Sans-Serif" size="2">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">13.38</font>
</td>
<td width="2%" align="left"><font color="#144A87" face="Sans-Serif" size="2">%</font></td>
<td width="5%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">23.75</font>
</td>
<td width="1%"><font color="#144A87" face="Sans-Serif" size="2">%</font></td>
<td width="5%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">40.80</font>
</td>
<td width="1%"><font color="#144A87" face="Sans-Serif" size="2">%</font></td>
<td width="5%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">11.04</font>
</td>
<td width="1%"><font color="#144A87" face="Sans-Serif" size="2">%</font></td>
<td width="5%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">12.25</font>
</td>
<td width="1%"><font color="#144A87" face="Sans-Serif" size="2">%</font></td>
<td width="5%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">12.64</font>
</td>
<td width="1%"><font color="#144A87" face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">12.37</font>
</td>
<td width="1%"><font color="#144A87" face="Sans-Serif" size="2">%</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" valign="bottom" colspan="3" align="right"><font color="#144A87" face="Sans-Serif" size="2">11/26/86</font></td>
<td width="2%"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td>&#160;</td>
<td nowrap valign="bottom" align="left"><font color="#144A87" face="Sans-Serif" size="2"><b>Royce Micro-Cap Trust</b></font>
</td>
<td><font color="#ffe98b" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">15.58</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">30.36</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">55.55</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">18.28</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">15.64</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">14.27</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">14.22</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="3" align="right"><font color="#144A87" face="Sans-Serif" size="2">12/14/93</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td>&#160;</td>
<td nowrap valign="bottom" align="left"><font color="#144A87" face="Sans-Serif" size="2"><b>Royce Focus Trust</b></font>
</td>
<td><font color="#ffe98b" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">16.44</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">30.06</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">54.33</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">14.11</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">14.34</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">n.a.</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#144A87" face="Sans-Serif" size="2">12.28</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="3" align="right"><font color="#144A87" face="Sans-Serif" size="2">11/1/96</font></td>
<td><font color="#144A87" face="Sans-Serif" size="2"><a href="#lens_two_star">**</a></font></td>
</tr>
<tr>
<td>&#160;</td>
<td nowrap valign="bottom" align="left"><font face="Sans-Serif" size="2">Russell 2000</font>
</td>
<td><font color="#ffe98b" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#000000" face="Sans-Serif" size="2">14.52</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#000000" face="Sans-Serif" size="2">24.92</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#000000" face="Sans-Serif" size="2">47.25</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#000000" face="Sans-Serif" size="2">6.27</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#000000" face="Sans-Serif" size="2">7.13</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#000000" face="Sans-Serif" size="2">9.47</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font>
</td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#000000" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="28" align="left"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr bgcolor="#FFFCF6">
<td>&#160;</td>
<td colspan="27"><font color="#144A87" face="Sans-Serif" size="2">
Royce Value Trust&#146;s 15-year NAV average annual total return for the period ended 12/31/03 was 13.27%.</font></td>
</tr>
<tr bgcolor="#FFFCF6">
<td>&#160;</td>
<td colspan="27"><font color="#144A87" face="Sans-Serif" size="1">
The Funds&#146; recent performance was achieved during a period of high returns for small- and micro-cap stocks, and it is not likely that this level of
returns will continue in the future.</font></td>
</tr>
<tr bgcolor="#FFFCF6">
<td align="right"><font color="#144A87" face="Sans-Serif" size="1"><a name="lens_one_star"></a>*</font></td>
<td colspan="27"><font color="#144A87" face="Sans-Serif" size="1">
Not annualized.</font></td>
</tr>
<tr bgcolor="#FFFCF6">
<td align="right"><font color="#144A87" face="Sans-Serif" size="1"><a name="lens_two_star"></a>**</font></td>
<td colspan="27"><font color="#144A87" face="Sans-Serif" size="1">Date Royce &#038; Associates, LLC assumed investment management responsibility.</font></td>
</tr>
<tr bgcolor="#FFFCF6">
<td align="right"><font color="#144A87" face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="27"><font color="#144A87" face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<center><img src="lens_back.jpg"></center>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_2"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr><td colspan="3" bgcolor="#144A87">&#160;</td>
<td bgcolor="#FFFCF6">&#160;</td>
<td valign="top" bgcolor="#FFFCF6"><br><br></td></tr>
<tr>
<td valign="top" width="5%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" align="right" width="26%" bgcolor="#144A87"><font face="Serif" size="1" color="#fff0b8"><img src="chuck_big.jpg" width="120"><br><br><b>Charles M. Royce,</b> <i><b>President</b></i></font><br><br><font face="Sans-Serif" size="2" color="#FFFCF6"><b>
Although none of our closed-end funds concentrate solely on dividend-paying stocks, we think highly of the value of dividends
here at The Royce Funds. We think that the old adage of Ben Graham and David Dodd, that the primary purpose of a business is to pay dividends
to its owners, in many ways still holds true today. Why do we and two of the Founding Fathers of value investing put so much stock in the
payment of dividends? The most obvious reason is that, with rare exceptions, companies that pay dividends are almost always
profitable businesses. Companies can choose to reinvest their earnings, pay them out as dividends or reinvest a portion
and pay out the rest, but the fact remains that payment of a dividend is an important measure of profitability.
<br></b></font>
<br><font face="Sans-Serif" size="-1" color="#FFFCF6">(</font><font face="Sans-Serif" size="-1" color="#ffffff">continued on <a href="#page_4">page 4</a></font><font face="Sans-Serif" size="-1" color="#FFFCF6">)</font></td>
<td valign="top" width="4%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" width="2%" bgcolor="#FFFCF6"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" bgcolor="#FFFCF6"><font face="Serif" color="#144A87"><b>L<small>ETTER</small> T<small>O</small> O<small>UR</small> S<small>TOCKHOLDERS</small></b></font><br><hr width="100%" size="2" color="#144A87"><center><br><img src="page2.jpg"></center>
<p align="justify"><br><font face="Serif" color="#144A87"><b>C<small>URB</small> Y<small>OUR</small> E<small>NTHUSIASM</small></b></font><br>
<font face="Serif" size="2" style="float:none">
2003 will likely enter the annals of stock market history as one of the more successful years
for equities in recent times. Unlike the days of stratospheric returns for large-cap and/or
Technology issues that characterized the late &#145;90s, the past year embraced large and small
stocks alike, a tide of more or less steadily rising prices that seemed to lift nearly every boat
which the market deemed seaworthy. Such a year was especially welcome to investors following
the long and dreary bear market that began in March 2000. Yet to many observers, this long-anticipated
recovery emerged slowly, almost subtly, from the wings of the bear&#146;s prolonged
turn on the equity stage. The rebound actually began in early October 2002, when the major
indices &#151; the S&#038;P 500, Russell 2000 and Nasdaq Composite &#151; reached their most recent
lows. Yet 2002 was a year of negative performance for the majority of stocks, and the brief
rally that carried the market through October and November fizzled in December and did
not regain its momentum until March of 2003.
<br>&#160;&#160;&#160;&#160;&#160;Much of this can be attributed to a sluggish economy and the anxious days preceding the
war with Iraq. The initial reports out of Baghdad seemed to indicate that our military&#146;s efforts
were not meeting with the unqualified success that many of us had expected. Yet once it
became clear that these reports were erroneous and that the U.S. was on its way to a relatively
fast victory, the stock market responded generously. For each index, April and May were two
of the three strongest performing months of 2003. By fall, news of strong GDP growth and
stable levels of unemployment provided any additional fuel that may have been needed to
</font></p></td></tr>
<tr><td bgcolor="#144A87" colspan="3" align="center"><font face="Serif" size="2" color="#ffffff"><br>2 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td><td bgcolor="#FFFCF6">&#160;</td><td bgcolor="#FFFCF6">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_3"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" align="left" bgcolor="#FFFCF6" colspan="3"><div style="margin-top:-7px" align="justify"><hr align="left" color="#144A87"><font color="#000000" face="Serif" size="2"><br>
keep the rally running, and run it did, right through the beginning of 2004. <b>Even the stunning
news of illegal and unethical profiteering on the part of certain mutual fund companies that
permitted late trading and market timing did not slow the market&#146;s furious ascent. The
only unanswered questions appeared to be, how much longer would the rally run and how
much higher would returns climb before a correction occurred?</b>
<br>&#160;&#160;&#160;&#160;&#160;With the economy seeming to grow stronger each day, the international situation stabilizing
somewhat (at least as of this writing) and reports of new mutual fund scandals subsiding (for
now, anyway), we would understand anyone who felt that the past fifteen months have heralded
only the beginning of an extended period of high returns. We simply would not agree. Like
many experienced value investors, we habitually get a little tense whenever stock market
returns run up virtually unimpeded for months at a time. It simply goes against the grain of
what we have learned in three-plus decades of investing. We are not calling for a return to the
bear market environment that lasted from March 2000 through October 2002, but we also
do not see the direction of the market racing consistently upward. <b>Just as we argued at the
end of last year that the market was not as bad as it looked, we would now submit that the
market is not quite as vigorous as it appears. We think that it is entirely rational to be
exuberant about 2003&#146;s high returns, but that similar sentiments should not apply to 2004
and beyond because no one really knows what the market&#146;s next move will be.</b> So before the
heralds rush forth announcing that all is well because the bears (and the folks delivering subpoenas) have all left the building, we would advise investors to curb their enthusiasm.</font>
<br><br><font face="Serif" color="#144A87"><b>S<small>MALLVILLE</small></b></font><br>
<font color="#000000" face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;We are aware &#151; and not unhappily &#151; that
a look at both the short- and long-term
returns for small-cap stocks through the end of 2003 may make our plea to curb
one&#146;s enthusiasm sound a bit silly. <b>Our asset class once again finished the year ahead
of its large-cap counterpart, with the Russell 2000 up 47.3% versus 28.7% for the
S&#038;P 500. It marked the fifth consecutive year that the Russell 2000 outperformed the
S&#038;P 500, in spite of the fact that 2003 was the large-cap index&#146;s best calendar year
of performance since 1998.</b> The small-cap index also held a performance advantage
over its large-cap sibling from the October 2002 market lows and for the three-year and
five-year periods ended 12/31/03. The resurgent equity market gave a boost to the
Nasdaq Composite as well. It bested both the S&#038;P 500 and the Russell 2000 in 2003
with a 50.0% return.
<br>&#160;&#160;&#160;&#160;&#160;<b>The rally has so far favored two kinds of stocks that historically have not
been the first coursers out of the gate at the onset of a bull market &#151; Technology and
micro-cap stocks. Their strong performances, especially the latter&#146;s, helped the Russell
2000 to enjoy its best calendar-year performance since the index&#146;s inception on 12/31/78.</b>
<br><br>
</font></div>
</td>
</tr>
<tr>
<td valign="top" align="left" bgcolor="#FFF9E6" colspan="2"><div style="margin-top:-7px"><hr width="100%" size="2" color="#144A87"></div></td>
</tr>
<tr>
<td valign="top" align="left" bgcolor="#FFF9E6" colspan="2">
<p align="justify"><font color="#284480" face="Serif" size="+1"><br>So before the heralds rush
forth announcing that all is
well because the bears (and the
folks delivering subpoenas)
have all left the building, we
would advise investors to curb
their enthusiasm.<br><br></font></p></td>
</tr>
<tr>
<td valign="bottom" align="left" bgcolor="#FFF9E6" colspan="2"><div style="margin-bottom:-7px"><hr width="100%" size="2" color="#144A87"></div></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="right" bgcolor="#FFFCF6"><font color="#144A87" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;3</font></td></tr>
<tr><td bgcolor="#FFFCF6" valign="top"><font face="Sans-Serif">&#160;</font></td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_4"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr valign="bottom">
<td valign="top" width="5%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td align="right" valign="top" width="26%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif" size="2"><br><br><br><br><br><br><b>Another reason for our affection is that consistent dividend payouts help to reduce volatility
by providing an investor with a steady stream of income. This is arguably a more significant benefit for small-cap stocks than
it is for their larger siblings because the diminutive stature of small companies often makes them inherently more
volatile. We also believe that having money upfront, or cash in hand, offers advantages as well. While this is true in any
market climate, it can be especially crucial in low- or negative-return environments when stock prices are stalling
or tumbling.
<br><br>Within the realm of small-cap stocks, the search for dividend-paying companies can be quite
interesting because many small-cap investors have been led to believe that such companies
cannot be found. Investors (especially institutional investors) utilizing a dividend-discount
model &#151; those searching for &#147;total return,&#148; or a combination of long-term growth and current income &#151; are trained to look almost
</b></font><br><br><font color="#ffffff" face="Sans-Serif" size="-1">(continued on <a href="#page_6">page 6</a>)<br><br><br></font></td>
<td valign="top" width="4%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" width="4%" bgcolor="#FFFCF6"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" colspan="3" bgcolor="#FFFCF6"><font color="#144A87" face="Serif"><br><br><b>L<small>ETTER</small> T<small>O</small> O<small>UR</small> S<small>TOCKHOLDERS</small></b><br></font><hr width="100%" size="2" color="#144A87">
<p align="justify"><font color="#000000" face="Serif" size="2">While this was terrific news for small-cap investors like ourselves, we are somewhat leery of the
reversal of what we regard as the typical order of market rallies. Although Technology stocks
suffered more than any other equity sector during the bear market &#151; making them arguably ripe
for a rally &#151; it does not stand to reason that their previous travails made it necessary for them
to <i>lead</i> a subsequent rebound for stocks. <b>Most bear markets have ended with a flight to quality.
Historically, investors begin to flock, sometimes slowly, to companies with solid records of
earnings or other indicators of underlying quality. We are not sure what has made the current
rally unique in this regard, but its peculiar start is another reason why we think that we have
not entered a sustainable period of high returns for stocks.</b></font>
<br><br><font color="#144A87" face="Serif"><b>E<small>VERYBODY</small> L<small>OVES</small> V<small>ALUE</small></b></font>
<br><font color="#000000" face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;
One might expect that a rally led by two of the more volatile segments of the market
would mean bad news for value stocks, even those in the micro-cap sector. We are happy to
report that this was not quite the case in 2003. Tech and micro-cap led the way, but equities
as a whole performed well. Value stocks began to come on later in the year, especially in the
fourth quarter, in which the Russell 2000 Value index outpaced the Russell 2000 Growth
index, 16.4% versus 12.7%. This strong fourth-quarter push allowed the small-cap value
index to narrow the performance gap with growth, as small-cap value was up 46.0% in 2003
versus 48.5% for small-cap growth. Small-cap growth&#146;s outperformance period included an
unusual first quarter in which returns for both indices were negative. If one needed any further
proof that 2003 was an odd year, we would call their attention to the fact that small-cap value
lost ground to growth in the first quarter decline and then gained ground against it during
the fourth quarter upswing. Strange days indeed.
<br>&#160;&#160;&#160;&#160;&#160;As dubious as we are about the long-term viability of the current rally, we were cheered
by the strong showing turned in by small-cap value stocks late in the year and throughout the
15-month rally. In fact, stretching back to the early days of the bear market in March 2000,
small-cap value has performed well both on an absolute and relative basis. From the small-cap
market peak on 3/9/00 through 12/31/03, the Russell 2000 Value index was up 73.1% versus
a loss of 44.2% for the Russell 2000 Growth index. Although better down market returns in
the bear-market period between March 2000 and October 2002 were a critical component of
small-cap value&#146;s edge during the current market cycle, perhaps equally important has been small-cap
value&#146;s participation in the rally. From the small-cap market low on 10/9/02 through 12/31/03,
the Russell 2000 Value index was up 69.8% versus a gain of 76.7% for its growth counterpart,
which means that during this time, small-cap value captured 91% of small-cap growth&#146;s
upward surge. <b>The strong down-market performance of small-cap value combined with the
competitive returns that it has turned in during the market&#146;s recovery helped small-cap value to
hold a performance edge for the three-, five-, 10-, 15-, 20- and 25 -year periods ended 12/31/03.</b>
</font></p></td></tr>
<tr>
<td valign="top" width="5%" align="center" bgcolor="#144A87" colspan="3"><font face="Serif" size="2" color="#ffffff">4 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td><td bgcolor="#FFFCF6">&#160;</td>
<td bgcolor="#FFFCF6">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
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<a name="page_5"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" align="left" bgcolor="#FFFCF6" colspan="3"><div style="margin-top:-7px"><hr align="left" color="#144A87"></div>
<p align="justify"><font color="#144A87" face="Serif"><b>S<small>TILL</small> S<small>TANDING</small></b></font><br><font color="#000000" face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;Small-cap value&#146;s solid performance benefited <i>The Royce Funds</i>, as did healthy returns by
Technology and micro-cap stocks. In fact, each portfolio&#146;s relative weightings in micro-caps, Technology stocks and more traditional value
issues greatly influenced 2003&#146;s returns. Micro-Cap Trust and Focus Trust &#151; portfolios with relatively heavier weightings in at least one of the first two areas &#151; enjoyed the highest calendar-year
returns and outperformed the Russell 2000 for the year. However, we were very pleased with the performance of all three of our closed-end
funds in 2003. Although besting the benchmark remains a worthy goal for each portfolio, we would rather see strong absolute performances for the funds, and 2003 provided plenty of that. <b>More importantly from our perspective, all of <i>The Royce Funds</i> in this report outperformed the Russell 2000 from its peak on 3/9/00,
as well as for the applicable three-, five- and 10-year periods ended 12/31/03. We are more interested in the long-term and full market-cycle performance picture because we believe that these periods, which include both up and down market phases, more accurately reflect
the success or failure of a particular investment vehicle or approach.</b>
</font></p></td>
</tr>
<tr>
<td valign="bottom" align="left" bgcolor="#FFFCF6" colspan="2">&#160;</td>
</tr>
<tr>
<td valign="top" align="left" bgcolor="#FFF9E6" colspan="2"><div style="margin-top:-7px"><hr width="100%" size="2" color="#144A87"></div></td>
</tr>
<tr>
<td valign="top" align="left" bgcolor="#FFF9E6" colspan="2"><br><div align="justify"><font color="#284480" face="Serif" size="+1">If one needed any further proof that 2003 was an odd year, we would call their attention to the fact that small-cap value lost ground to growth in the first quarter decline and then gained ground against it during the fourth quarter upswing. Strange days indeed.</font></div><br>
</td>
</tr>
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<td valign="bottom" align="left" bgcolor="#FFF9E6" colspan="2"><div style="margin-bottom:-7px"><hr width="100%" size="2" color="#144A87"></div></td>
</tr>
<tr>
<td bgcolor="#FFFCF6" align="center">
<br><img src="page5.jpg">
</td>
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<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="right" bgcolor="#FFFCF6"><font color="#144A87" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;5</font></td></tr>
<tr><td bgcolor="#FFFCF6" valign="top"><font face="Sans-Serif">&#160;</font></td></tr>
</table>
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<td bgcolor="#FFFCF6">&#160;</td>
<td colspan="8" valign="top" bgcolor="#FFFCF6"><font face="Serif" color="#144A87"><br><br><b>L<small>ETTER</small> T<small>O</small> O<small>UR</small> S<small>TOCKHOLDERS</small></b></font><br><hr width="100%" size="2" color="#144A87"></td></tr>
<tr>
<td rowspan="18" valign="top" width="5%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td rowspan="18" valign="top" align="right" width="26%" bgcolor="#144A87"><font face="Sans-Serif" size="1" color="#fff0b8"></font>
<br><font face="Sans-Serif" size="2" color="#FFFFFF"><b>
exclusively among mid- and large-cap stocks. However, as we have often pointed out, the small-cap universe provides
fertile ground for yield-loving equity investors. As of 12/31/03, of the approximately 7,300 companies with market
capitalizations less than $2 billion, more than 1,500 pay dividends and more than 900 of those have yields of 2% or
greater (Source: FactSet).
<br><br>
One might ask why a small company would choose to pay dividends. Wouldn&#146;t that business be better off reinvesting its
profits? The truth is that many small companies earn more than they need in terms of reinvestment in the business. This excess profit is known as
free cash flow, which is one of the key qualitative components that we look for in any company, along with strong balance sheets and an established record of earnings. A company has several
choices as to what it does with these funds: It can hold on to the cash, use it to purchase
shares of its own stock or pay it out to shareholders in the form of dividends.
</b></font><br><br><font face="Sans-Serif" size="-1" color="#FFFFFF">(</font><font face="Sans-Serif" size="-1" color="#ffffff">continued on <a href="#page_8">page 8</a></font><font face="Sans-Serif" size="-1" color="#FFFCF6">)</font></td>
<td rowspan="18" valign="top" width="3%" bgcolor="#144A87"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td rowspan="18" valign="top" width="3%" bgcolor="#FFFCF6"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td colspan="8" valign="top" bgcolor="#FFFCF6"><br>
<p align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;
In our view, 2003 offered a good reason for taking the long view. A wildly successful year
by nearly any measure, it was also an exceptional year for more than the reasons normally
implied by that term. While our Funds certainly profited from the market&#146;s favor toward
micro-caps, Technology and other issues, we remain somewhat cynical about the nature of the
recent rally. <b>Seeing many of our holdings appreciate in price was gratifying, but we cannot
avoid the suspicion that prices rose primarily for what we would argue were all the wrong
reasons &#151; speculation as opposed to investment, a low-interest rate environment (which
made investment options in fixed income securities look far less attractive relative to
equities) and a post-bear-market euphoria that seemed to push prices higher and higher
while scant attention was being paid to underlying quality.</b> We were surprised to see
speculative stocks do so well from the October 2002 bottom through the end of 2003, though
it was somewhat gratifying to see some companies with stronger earnings begin to participate
late in the year.
</font>
<p align="justify"><font face="Serif" color="#144A87"><b>T<small>HE</small> H<small>ISTORY</small> C<small>HANNEL</small> P<small>RESENTS...</small></b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Serif" size="2">From a performance standpoint, small-cap has so far outpaced large-cap in the current decade. In recognizing this, we wondered what the decade-by-decade performance story had
been historically for each asset class. This led us to an examination of stock-market returns from 1930 through 1999 to see what, if any, performance patterns emerged for small- and large-cap stocks. Although we realized that there were distinctive stories behind each ten-year period&#146;s returns, both large- and small-cap stocks repeated a specific pattern that held true for every decade from the &#145;30s through the &#145;90s. During that 70-year period, large-cap stocks led
</font></p><br></td>
</tr>
<tr bgcolor="#144A87">
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="7" align="left"><font color="#ffe98b" face="Sans-Serif" size="2">
<b>CRSP SMALL-CAP DECILE COMPOSITES</b><br>Decade-by-Decade Cumulative Results</font></td>
</tr>
<tr height="23">
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>CRSP 6-10</b></font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>S&#038;P 500</b></font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>SPREAD</b></font></td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1930s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">47.6%
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">2.3%
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">45.4%</font>
</td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1940s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">328.9
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">138.7
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">190.2</font>
</td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1950s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">438.3
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">483.3
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">-45.0</font>
</td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1960s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">218.8
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">112.3
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">106.6</font>
</td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1970s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">150.1
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">76.5
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">73.6</font>
</td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1980s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">304.7
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">401.5
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">-96.8</font>
</td>
</tr>
<tr>
<td bgcolor="#FFF9E6" valign="bottom" colspan="9"><hr size="1" color="#BEC1D9" noshade></td>
</tr>
<tr>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">1990s
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">299.1
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">432.9
</font></td>
<td bgcolor="#FFF9E6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#FFF9E6" valign="bottom" align="center"><font face="Sans-Serif" size="2">-133.8</font></td>
</tr>
<tr><td colspan="8" bgcolor="#FFFCF6"><p align="justify"><br><font face="Serif" size="2">
in the high-return decades of the &#145;50s, &#145;80s and &#145;90s, while small-caps were out in front during
the low- or normal-return decades of the &#145;30s, &#145;40s, &#145;60s and &#145;70s. This pattern has been
repeated so far in the current decade, with small-caps having held a significant performance</font></p></td>
</tr>
<tr>
<td valign="top" align="center" bgcolor="#144A87" colspan="3"><br><font face="Serif" size="2" color="#ffffff">6 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td><td bgcolor="#FFFCF6">&#160;</td>
<td bgcolor="#FFFCF6" colspan="9">&#160;</td>
</tr>
</table>
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<hr size="5" color="gray" noshade>
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<font color="#000000" face="Serif" size="2"><br>edge over large-caps in a decidedly low-return period for the market as a whole. In one final
tidbit of asset-class trivia, we found that both asset classes enjoyed a lengthy period of outperformance during each decade. In fact, small-cap stocks had at least a six-year period of outperformance in every 10-year period <i>(see chart below)</i>, including those in which they underperformed. This was the case even in the the &#145;80s and &#145;90s, decades typically thought of as dominated by large-caps.</font></div></td>
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We do not expect small-caps to lead in every performance period or in every calendar year through decade&#146;s end. In
fact, we expect leadership to alternate between small- and large-caps, especially in the near term. Does this mean that
small-caps may be at a disadvantage in the coming months? Not necessarily. At current price-to-earnings levels, significant
price appreciation through multiple expansion would be much harder to come by. In the next phase of the market,
we believe that returns will come <i>via</i> improving earnings, not multiple expansion. Given their economic leverage and
the simplicity of their businesses, we believe that economic improvements should more directly affect small-caps&#146;
bottom lines, which could put small-caps in a leading position vis-a-vis earnings growth.
<br>&#160;&#160;&#160;&#160;&#160;The potential upward movement of interest rates and
their impact on P/E ratios is another area that would seem</font></p>
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<td valign="top" align="left" bgcolor="#FFF9E6" colspan="2"><br><div align="justify"><font color="#284480" face="Serif" size="+1">In the next phase of the market, we believe that returns will come <i>via</i> improving earnings, not multiple expansion. Given
their economic leverage and the simplicity of their businesses, we believe that economic
improvements should more directly affect small-caps&#146; bottom
lines, which could put small-caps in a leading position vis-a-vis earnings growth.</font></div><br>
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<td align="right" bgcolor="#FFFCF6"><font color="#144A87" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;7</font></td></tr>
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Certain small companies choose the latter, although for many years it was more common for firms to opt for one of the first
two choices, regardless of their size. We think that this will change as a result of the new tax legislation passed earlier
this year, which gives more favorable tax treatment to dividends, thus offering companies more of an impetus to pay them out. The effect of
this legislation is only beginning to be felt, yet we expect that
its consequences will be dramatic, long lasting and potentially beneficial to small-cap investors who like dividends.</b></font><br><br><br></td>
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<td valign="top" colspan="3" bgcolor="#FFFCF6"><font color="#144A87" face="Serif"><br><br><b>L<small>ETTER</small> T<small>O</small> O<small>UR</small> S<small>HAREHOLDERS</small></b><br></font>
<hr width="100%" size="2" color="#144A87"><br><br><br><div align="center"><img src="page8.jpg"><br><font color="#144A87" face="Serif" size="2"><b><i>Trying to Learn from History</i></b></font></div>
<p align="justify"><font color="#000000" face="Serif" size="2">to us to favor smaller companies. Although no one can accurately predict the path of interest
rates, an increase after more than 20 years of overall decline seems reasonable,
especially in a more robust economic environment. Rising interest rates are generally detrimental
to equities as a whole. Since interest rates and P/E ratios tend to have an inverse relationship
to each other, and larger companies generally have higher debt-to-capital ratios, an increase
in interest rates would seemingly be more detrimental to larger companies because higher
proportionate levels of debt would have a greater negative effect impact on their bottom lines.
(As of 12/31/03, the composite debt-to-capital ratio for the S&#038;P 500 was 49% versus 40%
for the Russell 2000.)<br><br></font>
<font color="#144A87" face="Serif"><b>C<small>LOSING</small> B<small>ELL</small></b></font><font color="#000000" face="Serif" size="2">
<br>&#160;&#160;&#160;&#160;&#160;
We continue to believe that the returns generated by the recent rally, while entirely welcome,
represent a snapback for stock prices, not a comeback for high returns. The market&#146;s dramatic
upward move seems to us more of an anomalous event that occurred within the longer-term
context of the current market cycle that began with a dramatic slide from the peak in March
2000. Most bull markets have begun with profitable companies taking the lead, while
Technology and/or micro-cap stocks have followed in the later stages of the run-up. We find it
especially peculiar in the aftermath of one of the biggest Technology rallies in history that these
sectors led the recovery. Although any extended period of negative returns from this point
seems unlikely to us in the near-term, we suspect that there may be a correction within the next
several months during which we believe that we will see a move to quality companies with solid
</font></p></td></tr>
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<td valign="top" align="center" bgcolor="#144A87" colspan="3"><br><font face="Serif" size="2" color="#ffffff">8 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td><td bgcolor="#FFFCF6">&#160;</td>
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earnings followed by a longer period of low, but generally positive returns. We would caution
investors against thinking that 2003&#146;s rubber-band response to the bear market means a return
to the investment climate of the mid-to-late &#145;90s. Of course, when it comes to investing, our
temperament resembles Larry David&#146;s cranky, fatalistic character on HBO&#146;s <i>Curb Your
Enthusiasm</i>. When bad times come, we more or less expect it; when good times arrive, we&#146;re
usually nervous, expecting it all to end soon.
<br>&#160;&#160;&#160;&#160;&#160;The last five years have provided ample doses of each, with giddy peaks and chilling lows.
Through it all, we maintained the same disciplined approach that we have used for 30 years.
Just as we were not idiots when small-cap value went out of style, we did not suddenly become
endowed with genius when our approach became attractive again. The extremes of the last two
market cycles serve best as a reminder that building wealth requires time and patience.
<br>&#160;&#160;&#160;&#160;&#160;We appreciate your continued support.
</font></p><br>
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<td colspan="8" bgcolor="#FFFCF6"><font face="Serif" size="2">Sincerely,</font>
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<td colspan="2" bgcolor="#FFFCF6"><img src="royce_sign.jpg"></td>
<td colspan="2" bgcolor="#FFFCF6" align="center"><img src="george_sign.jpg" align="center"></td>
<td colspan="2" bgcolor="#FFFCF6" align="center"><img src="fockler_sign.jpg"></td>
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<td colspan="2" bgcolor="#FFFCF6"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;Charles M. Royce<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>President</i></font></td>
<td colspan="2" bgcolor="#FFFCF6" align="center"><font face="Serif" size="2">W. Whitney George<br><i>Vice President</i></font></td>
<td colspan="2" bgcolor="#FFFCF6" align="center"><font face="Serif" size="2">Jack E. Fockler, Jr.<br><i>Vice President</i></font></td>
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<td colspan="8" bgcolor="#FFFCF6"><font face="Serif" size="2">January 31, 2004</font>
</td></tr>
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<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
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<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
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<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
<td colspan="2" bgcolor="#FFFCF6">&#160;</td>
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<td colspan="8" bgcolor="#FFFCF6"><font face="Serif" size="2"><p align="justify">
The performance data and trends outlined in this presentation are presented for illustrative
purposes only. The thoughts concerning recent market movements and future prospects for small-company
stocks are solely those of Royce &#038; Associates, and, of course, there can be no assurance with
regard to future market movements. Small- and micro-cap stocks may involve considerably more risk
than larger-cap stocks. Past performance is no guarantee of future results. Historical market trends
are not necessarily indicative of future market movements. The (Center for Research in Security
Prices) CRSP 6-10 is an unmanaged composite representing the bottom five deciles of stocks listed on the
New York Stock Exchange, the American Stock Exchange and the Nasdaq National Market, based on
market capitalization. The S&#038;P 500 is an unmanaged index of domestic large-cap stocks. The Russell
2000, Russell 2000 Value and Russell 2000 Growth are unmanaged indices of domestic small-cap stocks.
</font></p>
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<td align="right" bgcolor="#FFFCF6"><font color="#144A87" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;9</font></td></tr>
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<td><font face="Serif" color="#144A87"><br><br><b>S<small>MALL</small>-C<small>AP</small> M<small>ARKET</small> C<small>YCLE</small> P<small>ERFORMANCE</small></b></font><hr size="2" width="100%" color="#144A87" noshade></td></tr>
<tr><td><font face="Sans-Serif" size="2"><p align="justify"><br>
Since the Russell 2000&#146;s inception on 12/31/78, value outperformed growth in five of the six full small-cap market cycles (defined as a move of
15% from a previous peak or trough). The last small-cap market cycle (4/21/98 - 3/9/00) was the exception. <b>The current cycle represents what
we believe is a return to more historically typical performance in that value provided a significant advantage during the downturn
(3/9/00 - 10/9/02) and through December 31, 2003.</b></p></font></td></tr>
<tr><td align="center"><br><br><br><img src="page10.jpg"><br><br><br><br><br></td></tr>
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<td rowspan="28" width="4%" bgcolor="#BEC1D9"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#f8ec88"><b>PRIOR<br>PEAK-TO-PEAK</b><br>4/21/98 &#150; 3/9/00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" align="center" valign="bottom"><font face="Sans-Serif" size="1" color="#f8ec88"><b>PEAK-TO-TROUGH</b><br>3/9/00 &#150; 10/9/02</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="1" color="#f8ec88"><b>TROUGH-TO-CURRENT</b><br>10/9/02 &#150; 12/31/03</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="1" color="#f8ec88"><b>PEAK-TO-CURRENT</b><br>3/9/00 &#150; 12/31/03</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#f8ec88"><b>PRIOR<br>PEAK-TO-CURRENT</b><br>4/21/98 &#150; 12/31/03</font></td>
<td rowspan="28" width="4%" bgcolor="#BEC1D9"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td bgcolor="#FFF7DB" valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">Russell 2000
</font></td>
<td width="1%" bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td width="6%" bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">26.3</font>
</td>
<td width="5%" bgcolor="#FFFAEC" valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">%</font></td>
<td width="1%" bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td width="7%" bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-44.1</font>
</td>
<td width="6%" bgcolor="#FFF7DB" valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">%</font></td>
<td width="1%" bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td width="8%" bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">73.1</font>
</td>
<td width="7%" bgcolor="#FFFAEC" valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">%</font></td>
<td width="1%" bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td width="7%" bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-3.3</font>
</td>
<td width="6%" bgcolor="#FFF7DB" valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">%</font></td>
<td width="1%" bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" width="7%" align="right"><font face="Sans-Serif" size="1" color="#144A87">22.2</font></td>
<td bgcolor="#FFFAEC" width="6%"><font face="Sans-Serif" size="1" color="#144A87">%</font></td>
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<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="3" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
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<td align="left" bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFF7DB" align="left"><font face="Sans-Serif" size="1" color="#144A87">Russell 2000
 Value</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" align="right" bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">-12.7</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">2.0</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">69.8</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">73.1</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" align="right"><font face="Sans-Serif" size="1" color="#144A87">51.2</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
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<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="3" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
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<td align="left" bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFF7DB" align="left"><font face="Sans-Serif" size="1" color="#144A87">Russell 2000
 Growth</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">64.8</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-68.4</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">76.7</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-44.2</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" align="right"><font face="Sans-Serif" size="1" color="#144A87">-8.0</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
</tr>
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<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="3" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
</tr>
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<td align="left" bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td nowrap bgcolor="#FFF7DB" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#144A87"><b>NAV CUMULATIVE<br>TOTAL RETURN</b></font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
</tr>
<tr>
<td colspan="2" bgcolor="#FFF7DB"><hr size="2" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="2" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="2" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="2" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="2" noshade color="#BEC1D9"></td>
<td colspan="3" bgcolor="#FFFAEC"><hr size="2" noshade color="#BEC1D9"></td>
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<td align="left" bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFF7DB" align="left"><font face="Sans-Serif" size="1" color="#144A87">Royce Value Trust</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">10.0</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-12.2</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">67.5</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">47.1</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" align="right"><font face="Sans-Serif" size="1" color="#144A87">61.8</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
</tr>
<tr>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="3" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
</tr>
<tr>
<td align="left" bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFF7DB" align="left"><font face="Sans-Serif" size="1" color="#144A87">Royce Micro-Cap Trust
</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">10.6</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-13.6</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">85.4</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">59.3</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFFAEC" align="right"><font face="Sans-Serif" size="1" color="#144A87">76.3</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
</tr>
<tr>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="4" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="2" bgcolor="#FFF7DB"><hr size="1" noshade color="#BEC1D9"></td>
<td colspan="3" bgcolor="#FFFAEC"><hr size="1" noshade color="#BEC1D9"></td>
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<tr>
<td align="left" bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFF7DB" align="left"><font face="Sans-Serif" size="1" color="#144A87">Royce Focus Trust</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-10.7</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">-4.9</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">85.5</font>
</td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFF7DB" valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#144A87">76.4</font>
</td>
<td bgcolor="#FFF7DB"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" bgcolor="#FFFAEC" align="right"><font face="Sans-Serif" size="1" color="#144A87">57.6</font></td>
<td bgcolor="#FFFAEC"><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
</tr>
</table>
<table width="100%" bgcolor="#BEC1D9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td><p align="justify"><font face="Sans-Serif" size="2" color="#144A87"><b><br><br>PEAK-TO-TROUGH:</b></font> <font face="Sans-Serif" size="2">Not only did value outperform growth (as measured by the Russell 2000 style indices), it also provided positive performance
during the downdraft. All three Royce Funds outperformed the Russell 2000 in this period.</font></p></td></tr>
<tr>
<td><p align="justify"><font face="Sans-Serif" size="2" color="#144A87"><b><br>TROUGH-TO-CURRENT:</b></font> <font face="Sans-Serif" size="2">Through December 31, 2003, growth led value during the rally from the October low. All Royce Funds posted total returns of more than 65% during this period, with Royce Micro-Cap Trust and Royce Focus Trust outperforming the Russell 2000.
</font></p></td></tr>
<tr>
<td><p align="justify"><font face="Sans-Serif" size="2" color="#144A87"><b><br>PEAK-TO-CURRENT:</b></font> <font face="Sans-Serif" size="2">From March 9, 2000 through December 31, 2003, value maintained a sizeable lead over growth. Again, all three Royce Funds
held performance advantages over the Russell 2000 (-3.3%) and all have provided positive performance. When current cycle returns are
combined with those of the prior full market cycle, a period which includes both the pre-bubble rally and the ensuing bear market, value&#146;s
positive results compare favorably against growth&#146;s negative results. During this period, all three Royce Funds outperformed the Russell 2000 Value&#146;s 51.2% return.
</font></p></td></tr>
</table>
<table width="100%" bgcolor="#BEC1D9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="left" colspan="2"><font face="Serif" size="2" color="#144A87"><br>10 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_11"></a>
<table width="100%" bgcolor="#bec1d9" border="0" cellspacing="0" cellpadding="0">
<tr>
<td><font face="Serif" color="#004585"><br><br><b>H<small>ISTORY</small> S<small>INCE</small> I<small>NCEPTION</small></b></font><hr size="2" width="100%" color="#004585" noshade></td>
</tr>
<tr>
<td><div align="justify"><font face="Serif" size="2" color="#004585"><br>The following table details the share accumulations by an initial investor in the Funds who reinvested all distributions (including
fractional shares) and participated fully in primary subscriptions for each of the rights offerings. Full participation in distribution
reinvestments and rights offerings can maximize the returns available to a long-term investor. This table should be read in conjunction
with the Performance and Portfolio Reviews of the Funds.</font></div></td>
</tr>
<tr><td>&#160;</td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#bec1d9">
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><u>HISTORY
</u></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">AMOUNT<br><u>
INVESTED</u></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">PURCHASE<br><u>
PRICE</u><a href="#page11_onestar">*</a></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><u>SHARES</u></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">NAV&#160;&#160;&#160;&#160;<br><u>VALUE</u><a href="#page11_twostar">**</a>&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">MARKET&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<br><u>
VALUE</u><a href="#page11_twostar">**</a>&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr height="25">
<td valign="bottom" colspan="4" align="left"><font face="Sans-Serif" size="2" color="#004585">
<b>Royce Value Trust</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left" width="3%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="7%"><font face="Sans-Serif" size="2" color="#004585">11/26/86</font></td>
<td valign="bottom" align="right" width="4%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Initial Purchase</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center" width="3%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td valign="bottom" align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center" width="3%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2" color="#004585">10.000</font></td>
<td valign="bottom" align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">1,000</font></td>
<td valign="bottom" align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center" width="2%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">9,280</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center" width="3%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td width="3%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10/15/87</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.30</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">42</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/87</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.22</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.125</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,578</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,250</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/27/88</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.51</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.625</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">63</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,529</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,238</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9/22/89</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">405</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/29/89</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.52</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9.125</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">67</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,942</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,866</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9/24/90</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">457</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.375</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/90</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.32</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,713</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,074</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9/23/91</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">638</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9.375</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/91</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.61</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10.625</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">82</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">17,919</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,697</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9/25/92</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">825</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/92</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.90</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12.500</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">114</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,999</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,874</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9/27/93</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,469</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">113</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/93</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $1.15</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">160</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26,603</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,428</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10/28/94</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,103</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11.250</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">98</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/19/94</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $1.05</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11.375</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">191</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">27,939</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,905</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11/3/95</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,425</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12.500</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">114</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/7/95</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $1.29</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12.125</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">253</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,676</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">31,243</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/96</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $1.15</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12.250</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">247</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">41,213</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,335</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1997</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $1.21</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15.374</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">230</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,556</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">46,814</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1998</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $1.54</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14.311</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">347</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54,313</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,506</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1999</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $1.37</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12.616</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">391</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,653</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,239</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $1.48</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13.972</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">424</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,711</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">61,648</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2001</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $1.49</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15.072</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">437</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">81,478</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,994</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $1.51</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14.903</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">494</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,770</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,927</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1/28/03</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,600</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10.770</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">520</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution total $1.30
</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14.582</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">516</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/03
</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>21,922
</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>6,237</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>106,216
</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>107,339
</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="left"><font face="Sans-Serif" size="2" color="#004585">
<b>Royce Micro-Cap Trust</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/14/93</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Initial Purchase</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,500</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.500</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,250</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,500</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10/28/94</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Rights Offering</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,400</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">200</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/19/94</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.05</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6.750</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,163</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,462</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/7/95</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.36</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.500</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,264</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,136</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/96</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.80</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7.625</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">133</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,132</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,550</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/5/97</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $1.00</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10.000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">140</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,694</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,593</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/7/98</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.29</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.625</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,016</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14,129</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/99</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.27</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.781</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,051</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14,769</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/00</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $1.72</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.469</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">333</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,016</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">17,026</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/01</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.57</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9.880</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">114</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,701</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,924</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Annual distribution
 total $0.80</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9.518</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">180</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,297</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">19,142</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10.004</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">217</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/03
</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>8,900</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>2,485</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>33,125
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>31,311
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="left"><font face="Sans-Serif" size="2" color="#004585">
<b>Royce Focus Trust</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10/31/96</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Initial Purchase</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,375</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4.375</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,000</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,280</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,375</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/96</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,520</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,594</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/5/97</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.53</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.250</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">101</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,650</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,574</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/31/98</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,199</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,367</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/99</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.145</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4.750</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">34</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,742</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,356</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/00</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.34</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.563</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,151</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,848</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/01</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.14</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6.010</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,969</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,193</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/6/02</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.09</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.640</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">19</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,844</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,956</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12/8/03</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Distribution $0.62</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.250</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">94</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/03
</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>4,375</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>1,345</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>12,105</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>11,406</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="1" color="#004585"><a name="page11_onestar"></a>*</font></td>
<td valign="bottom" colspan="18" align="left"><font face="Sans-Serif" size="1" color="#004585">
Beginning with 1997 (RVT) and 2002 (RMT) distribution, the purchase price on distributions
 is an average of the Fund&#146;s full year distribution reinvestment cost.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="1" color="#004585"><a name="page11_twostar"></a>**</font></td>
<td valign="bottom" colspan="18" align="left"><font face="Sans-Serif" size="1" color="#004585">
Other than for initial purchase, values are stated as of December 31
 of the year indicated, after reinvestment of distributions.</font></td>
</tr>
<tr>
<td colspan="19"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#bec1d9">
<tr>
<td align="right"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;11</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_12"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="9" align="left"><font face="Serif" color="#004585"><b>R<small>OYCE</small> V<small>ALUE</small> T<small>RUST</small></b></font><hr noshade size="2" style="margin-top:-7px;" color="#004585"></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="12%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="11%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="6" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>AVERAGE ANNUAL TOTAL RETURNS</b><br>
Through 12/31/03</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td rowspan="29" align="left" valign="top"><img src="chuck_royce.jpg" align="left" style="margin-left:-3px;"><div align="justify"><font face="Serif" color="#004585"><b>M<small>ANAGER&#146;S</small> D<small>ISCUSSION</small></b></font><br>
<font face="Serif" size="2">Royce Value Trust&#146;s (RVT) diversified portfolio of small- and micro-cap
 stocks enjoyed a strong absolute return in 2003 on both a net asset value (NAV) and market price
 basis. <b>The Fund was up 40.8% on an NAV basis and 42.0% on a market price basis. These performances
 trailed the calendar-year return of the small-cap oriented Russell 2000, which was up 47.3%, but
 were ahead of the small-cap S&#038;P 600, which was up 38.8% in 2003.</b> The fourth quarter saw further
 expansion of the market&#146;s recovery, which has thus far been primarily driven by micro-caps and
 Technology stocks. RVT was up 13.4% on an NAV basis and 11.9% on a market price basis in the fourth
 quarter. Both returns were shy of the Fund&#146;s benchmarks &#151; the Russell 2000 was up 14.5% and
 the S&#038;P 600 was up 14.8% in the fourth quarter. However, over longer-term and market cycle
 periods, RVT held the advantage over both indices. For the period ended 12/31/03, RVT was
 up 47.1% on an NAV basis from the small-cap market peak on 3/9/00, versus a gain of 24.9% for the
 S&#038;P 600 and a loss of 3.3% for the Russell 2000. The Fund also outperformed both benchmarks on both
 an NAV and market price basis for the three-, five-, 10-, 15-year and since inception (11/26/86)
 periods. <b>RVT&#146;s average annual NAV total return since inception was 12.4%.</b><br>&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Although positive performances could be
 found in all of the Fund&#146;s sectors and industry groups, the gains of the Fund&#146;s Technology
 holdings as a group made those of other sectors look rather modest. In many cases (including
 some of RVT&#146;s holdings), Tech stock prices seemed to rise more in anticipation of increases in
 capital spending or of a business&#146;s profitability than for actual increases in earnings or other,
 more tangible reasons. The considerable price appreciation of Tech stocks led us to
 reduce or sell off many positions in the sector. During the depths of the bear market in 2002, we
 substantially increased our position in business and technology consultant Sapient Corporation. Its
 revenues crept upward last fall, but its explosive gain prompted us to reduce our position from September
 through November. We initially liked the low price, balance sheet and niche business of specialty
 circuit board manufacturer TTM Technologies. Increased revenues and earnings, as well as Wall Street
 attention, led its price to levels beyond our expectations. We began to reduce our position in July. We
 think that Transaction Systems Architects has a terrific core business, which involves e-commerce and
 e-payment software. Its price soared in 2003, so we took some gains, but still held a good-sized
 stake at the end of the year.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Elsewhere
 in the portfolio, solid gains came from a few old favorites. Number-one holding Simpson Manufacturing,
 which makes various connectors used in the construction industry, first attracted our
 attention in 1994. We have been happy to hold the stock for nearly a decade, and were very pleased
 to see investors make the connection between what we see as the firm&#146;s sterling financial quality
 and its stock price in 2003. We first bought shares of grain and distillery product maker
 MGP Ingredients in 1988 and have owned shares almost continuously since. Its strong balance
 sheet and solid earnings seemed to attract more investors in 2003. MacDermid produces chemicals
 for metal and plastic finishing. We first bought shares in 1991 and were pleased to see
 what we regard as a well-run firm in a solid niche enjoy a strong 2003. In all three cases, we
 were content to hold large positions at the end of the year.</font></div></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">Fourth Quarter 2003<a href="#page12_onestar">*</a></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">13.38%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">July-December 2003<a href="#page12_onestar">*</a></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">23.75&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">1-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">40.80&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">3-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">11.04&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">5-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">12.25&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">10-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">12.64&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">15-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">13.27&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Since
 Inception (11/26/86)</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">12.37&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="top"><font face="Sans-Serif" size="1"><a name="page12_onestar"></a>*</font></td>
<td colspan="4" align="left" valign="top"><font face="Sans-Serif" size="1">Not annualized.</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="6" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>RISK/RETURN COMPARISON</b><br>
3-Year Period ended 12/31/03</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Average Annual<br>
Total Return</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Standard<br>
Deviation</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Return<br>
Efficiency<a href="#page12_twostar">*</a></b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><b>Royce Value
Trust (NAV)</b></font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>11.0%</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>24.7</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>0.45</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">S&#038;P 600</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">8.1%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">21.7</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">0.37</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Russell 2000</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">6.3%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">23.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">0.27&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="top"><font face="Sans-Serif" size="1"><a name="page12_twostar"></a>*</font></td>
<td colspan="6" align="left" valign="top"><div align="justify">
<font face="Sans-Serif" size="1">Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period.</font><br><br><font face="Sans-Serif" size="1" color="#004585"><b>Over the last three years, Royce Value Trust has outperformed the S&#038;P 600 and the Russell 2000
on both an absolute and a risk-adjusted basis.</b></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" align="center" valign="top"><img src="page12.jpg"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="7" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" valign="bottom"><font face="Sans-Serif" size="2"><b>Year</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>RVT</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" valign="bottom"><font face="Sans-Serif" size="2"><b>Year</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;&#160;&#160;<b>RVT</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2003</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">40.8%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1995</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">21.1%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2002</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">-15.6&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1994</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.1&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2001</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">15.2&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1993</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">17.3&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2000</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">16.6&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1992</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">19.3&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1999</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">11.7&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1991</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">38.4&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1998</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3.3&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1990</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">-13.8&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1997</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">27.5&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1989</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">18.3&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1996</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">15.5&#160;&#160;&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1988</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">22.7&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td colspan="11" align="left"><font face="Serif">&#160;</font></td>
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<td colspan="11" align="left"><font face="Serif" color="#004585" size="2">12 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
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<td colspan="13" align="right"><font face="Serif" color="#004585"><b>P<small>ERFORMANCE AND</small> P<small>ORTFOLIO</small> R<small>EVIEW</small></b></font><hr noshade size="2" style="margin-top:-7px;" color="#004585"></td>
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<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="19%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td width="17%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="21%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="9%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" colspan="8" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>GOOD IDEAS THAT WORKED</b></font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left" rowspan="12" valign="top"><div align="justify"><font face="Sans-Serif" size="2"><b>Urban Outfitters</b> &#151; This merchandiser and specialty retail store operator enjoyed record sales, strong earnings and a two-for-one stock split in 2003, developments that seemed to keep investors buying its stock. We trimmed our position in October.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Median Market Capitalization</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$915 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" bgcolor="#004585" align="left"><font face="Sans-Serif" size="2" color="#ffec80">2003 Net Realized and Unrealized Gain</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Urban Outfitters</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$4,114,094</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average P/E Ratio</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">22.7x</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><a href="#page13_onestar">*</a></font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">E*TRADE Financial</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3,950,478</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average P/B Ratio</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">2.0x</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Sapient Corporation</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3,800,268</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average Yield</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.7%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Transaction Systems</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Fund Net Assets</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$851 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">&#160;&#160;&#160;Architects Cl. A</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3,727,877</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Turnover Rate</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">23%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Velcro Industries</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3,601,730</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td><td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" colspan="6" align="left" rowspan="6" valign="bottom"><div align="justify"><font face="Sans-Serif" size="2"><b>E*TRADE Financial</b> &#151; Our decision to trim our position in this financial services firm was based solely on the impressive rise of its stock price. We have retained our high view of its management and its ability to make the transition from an internet-based discount brokerage to a low-cost leader in financial services.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Net Leverage<sup><a href="#page13_dagger">&#134;</a></sup></font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">4%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Symbol - Market Price</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">RVT</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:48px;">
<font face="Sans-Serif" size="2">- NAV</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">XRVTX</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2"><a name="page13_onestar"></a>*</font></td>
<td colspan="3" align="left" rowspan="2"><div align="justify" style="margin-left:0px;text-indent:0px;"><font face="Sans-Serif" size="1">Excludes 21% of the portfolio holdings with zero or negative earnings as of 12/31/03.</font></div></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2"><sup><a name="page13_dagger">&#134;</a></sup></font></td>
<td align="left" rowspan="3" valign="top" colspan="3"><div align="justify"><font face="Sans-Serif" size="1">Net leverage
 is the percentage, in excess of 100%, of the total value of equity type investments, divided by net
 assets applicable to Common Stockholders.</font></div></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left" rowspan="13" valign="top"><div align="justify"><font face="Sans-Serif" size="2"><b>PMA Capital Cl. A</b> &#151; Our once-high confidence in this provider of property and casualty reinsurance withered in the face of what we felt was management&#146;s inability to effectively steer the company through increasingly difficult times for its core business.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">2003 Net Realized and Unrealized Loss</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">PMA Capital Cl. A</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$2,185,376</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>TOP 10 POSITIONS</b></font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">% of Net Assets Applicable to</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Allegiance Telecom</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,538,391</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">Common Stockholders</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Simpson Manufacturing</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">PRG-Schultz International</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,079,698</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Ritchie Bros. Auctioneers</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Payless ShoeSource</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,037,569</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">MacDermid</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Hilb, Rogal &#038; Hamilton</font></div></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;&#160;&#160;Company</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">843,191</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Erie Indemnity Company Cl. A</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" rowspan="5" colspan="6" align="left" valign="top"><div align="justify">
<font face="Sans-Serif" size="2"><b>Allegiance Telecom</b> &#151; Our generally disappointing experience with this telecommunications service provider ended, sadly but perhaps mercifully, when we sold the last of our shares in December following an announcement of bankruptcy in May.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Sotheby&#146;s Holdings Cl. A</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Arrow International</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px;text-indent:-10px;">White Mountains Insurance Group</div></font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Technitrol</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" rowspan="14" valign="top" align="center"><img src="page13.jpg"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"> MGP Ingredients</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"> Keane</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">% of Net Assets Applicable to<br>Common Stockholders</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Technology</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">23.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Industrial Products</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">16.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Industrial Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">13.7</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Financial Intermediaries</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">10.4</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td colspan="8" align="center" valign="top"><font face="Sans-Serif" size="1" color="#004585"><b>The regular
reinvestment of distributions makes a difference!</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Health</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">10.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top" colspan="8" rowspan="4"><div style="margin-left:10px;text-indent:-10px;" align="justify"><font face="Sans-Serif" size="1"><sup>1</sup> Reflects the cumulative performance of an investment made by a stockholder who purchased one share at inception ($10.00 IPO) and then reinvested all annual distributions as indicated, and fully participated in primary subscriptions of the Fund&#146;s rights offerings.</font></div><div style="margin-left:10px;text-indent:-10px;margin-top:-5px;" align="justify"><font face="Sans-Serif" size="1"><sup>2</sup> Reflects the actual market price of one share as it has traded on the NYSE.</div></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Natural Resources</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">7.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="5"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Consumer Products</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">7.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" colspan="7"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Consumer Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">5.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Financial Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">5.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Utilities</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Miscellaneous</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Bonds &#038; Preferred Stock</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Treasuries, Cash &#038; Cash Equivalents</font></div></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">22.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">Publicly Traded Securities Outstanding</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">at 12/31/03 at NAV or Liquidation Value</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">50.0 million shares<br>
of Common Stock</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$851 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">5.90% Cumulative<br>
Preferred Stock</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$220 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td colspan="13" align="left"><font face="Serif">&#160;</font></td>
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<tr>
<td colspan="13" align="right"><font face="Serif" color="#004585" size="2">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;13</font></td>
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<td colspan="9" align="left"><font face="Serif" color="#004585"><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST</small></b></font><hr noshade size="2" style="margin-top:-7px;" color="#004585"></td>
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<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="12%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="11%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="6" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>NAV AVERAGE ANNUAL TOTAL RETURNS</b><br>
Through 12/31/03</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td rowspan="29" align="left" valign="top"><img src="chuck_royce.jpg" align="left" style="margin-left:-3px;"><div align="justify"><font face="Serif" color="#004585"><b>M<small>ANAGER&#146;S</small> D<small>ISCUSSION</small></b></font><br>
<font face="Serif" size="2">Micro-cap stocks were among the market leaders in the rally that began in October 2002, a fact reflected in the calendar-year performance of Royce Micro-Cap Trust (RMT). <b>In 2003, the Fund was up 55.6% on a net asset value (NAV) basis and 63.6% on a market price basis, in both instances ahead of its small-cap benchmark, the Russell 2000, which was up 47.3% for the same period.</b> The Fund held on to its performance edge in the fourth quarter, as the rally broadened. RMT was up 15.6% on an NAV basis and 16.7% on a market price basis versus a gain of 14.5% for the Russell 2000.
 As strong a year as it was, we were even more pleased with the Fund&#146;s performance over long-term and market-cycle periods. RMT outpaced the Russell 2000 from both the small-cap market peak on 3/9/00 (+59.3% versus -3.3%) and the small-cap market trough on 10/9/02 (+85.4% versus +73.1%) for the periods ended 12/31/03. The Fund also outperformed its benchmark on both an NAV basis and market price basis for the three-, five- 10-year and since inception (12/15/93) periods ended 12/31/03. <b>RMT&#146;s average annual NAV total return since inception was 14.2%.</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund&#146;s holdings in Technology made the largest positive impact on performance in 2003. We were ambivalent about the success of Tech stocks in the current rally. While they quite clearly boosted RMT&#146;s performance and seemed to provide an impetus for the rally as a whole, we were concerned that many Tech firms finished the year with sizeable returns but without net profits (though some posted positive earnings late in the year). Investors seemed as enamored with potential as they were with more tangible measures of quality. Our strategy in RMT was to trim or reduce several top gainers in the sector because their prices had risen precipitously and we were unsure if they remained good values at their higher prices. The price of wireless telephone system manufacturer SpectraLink Corporation rose through September, when we sold a bit less than half of our position.
 We were attracted to its strong balance sheet and niche business. Another business that we like is information technology (IT) consultants, especially if they have little debt and talented management, which we judged to be the case with DiamondCluster International Corporation. Its price began to take off in April, prompting us to begin reducing our position. We were content to hold a large position in IT consultant Covansys Corporation at year-end. At one point in 2002, we nearly gave up on the company, but the combination of a smart acquisition in May 2002 and cost-cutting measures in 2003 seemed to help its stock price to recover.
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The business of iGATE Corporation, a staffing services company with a substantial business in Technology Consulting, was somewhat sluggish in 2003, yet investors seemed happy to invest in its potential ability to turn things around. We held a large position at the end of the year. During the dark days of the bear market in 2002, we built our position in top-ten holding Excel Technology, a firm that develops and manufactures laser systems and electro-optical components for industrial, scientific and medical uses. We were initially intrigued by its interesting business and low debt.
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The prospects for recessed- and track-lighting fixture designer Juno Lighting brightened in 2003 as its management paid down debt and made a series of moves that we thought were high-wattage decisions. Improved earnings and the announcement that it would be acquired in December 2003 seemed to help the stock price of BioReliance Corporation, a contract service organization that provides services for biomedical, biotechnology and pharmaceutical companies. We slightly reduced our position in November. We were happy to hold a good-sized stake in contact lens maker Ocular Sciences. The company continued to gain market share both domestically and internationally. We have long considered it a well-run, financially clear-sighted company.</font></div></td>
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<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Fourth Quarter 2003<a href="#page14_onestar">*</a></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">15.58%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">July-December 2003<a href="#page14_onestar">*</a></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">30.36&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">1-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">55.55&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">3-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">18.28&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">5-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">15.64&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">10-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.27&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Since
 Inception (12/14/93)</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.22&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="top"><font face="Sans-Serif" size="1"><a name="page14_onestar"></a>*</font></td>
<td colspan="4" align="left" valign="top"><font face="Sans-Serif" size="1">Not annualized.</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="6" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>RISK/RETURN COMPARISON</b><br>
3-Year Period ended 12/31/03</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Average Annual<br>
Total Return</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Standard<br>
Deviation</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Return<br>
Efficiency<a href="#page14_twostar">*</a></b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><b>Royce Micro-Cap Trust (NAV)</b></font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>18.3%</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>28.7</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>0.64</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Russell 2000</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">6.3%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">23.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">0.27</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="top"><font face="Sans-Serif" size="1"><a name="page14_twostar"></a>*</font></td>
<td colspan="6" align="left" valign="top"><div align="justify">
<font face="Sans-Serif" size="1">Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period.</font><br><br><font face="Sans-Serif" size="1" color="#004585"><b>Over the last three years, Royce Micro-Cap Trust has outperformed the Russell 2000 on both an absolute and a risk-adjusted basis.</b></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" align="center" valign="bottom"><img src="page14.jpg"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="7" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" valign="bottom"><font face="Sans-Serif" size="2"><b>Year</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;&#160;<b>RMT</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2003</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">55.6%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2002</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">-13.8&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2001</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">23.4&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">2000</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">10.9&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1999</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">12.7&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1998</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">-4.1&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1997</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">27.1&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1996</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">16.6&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1995</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">22.9&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td colspan="8" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9"><font face="Sans-Serif" size="2">1994</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">5.0&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td colspan="9" align="left"><font face="Serif">&#160;</font></td>
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<tr>
<td colspan="9" align="left"><font face="Serif" color="#004585" size="2">14 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
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<a name="page_15"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
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<td colspan="13" align="right"><font face="Serif" color="#004585"><b>P<small>ERFORMANCE AND</small> P<small>ORTFOLIO</small> R<small>EVIEW</small></b></font><hr noshade size="2" style="margin-top:-7px;" color="#004585"></td>
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<tr>
<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="18%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="8%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="16%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="22%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="9%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" colspan="8" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>GOOD IDEAS THAT WORKED</b></font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left" rowspan="12" valign="top"><div align="justify"><font face="Sans-Serif" size="2"><b>Sapient Corporation</b> &#151; We increased our stake in this business and technology consultant during the depths of the bear market in 2002. Its revenues crept upward last fall, but its explosive gain prompted us to begin reducing our position in June.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Median Market Capitalization</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$264 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" bgcolor="#004585" align="left"><font face="Sans-Serif" size="2" color="#ffec80">2003 Net Realized and Unrealized Gain</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Sapient Corporation</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$3,193,705</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average P/E Ratio</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">19.3x</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><a href="#page15_onestar">*</a></font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Transaction Systems</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average P/B Ratio</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.7x</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">&#160;&#160;&#160;Architects Cl. A</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">2,458,120</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average Yield</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.6%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Covansys Corporation</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,817,515</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Fund Net Assets</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$253 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">SpectraLink Corporation</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,633,238</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Turnover Rate</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">26%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">iGATE Corporation</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,586,557</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" colspan="6" align="left" rowspan="6" valign="bottom"><div align="justify"><font face="Sans-Serif" size="2"><b>Transaction Systems Architects Cl. A</b> &#151; The price of this e-commerce and e-payment software company skyrocketed in the second quarter and hasn&#146;t shown signs of slowing down yet. We started to reduce our position in November at substantial gains, though we still thought very highly of its core business.</font></div></td>
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<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Net Leverage<sup><a href="#page15_dagger">&#134;</a></sup></font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Symbol - Market Price</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">RMT</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:48px;">
<font face="Sans-Serif" size="2">- NAV</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">XOTCX</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2"><a name="page15_onestar"></a>*</font></td>
<td colspan="3" align="left" rowspan="5" valign="top"><div align="justify" style="margin-left:0px;text-indent:0px;"><font face="Sans-Serif" size="1">Excludes 29% of portfolio holdings with zero or negative earnings as of 12/31/03.<br>Net leverage
 is the percentage, in excess of 100%, of the total
 value of equity type investments, divided by net assets applicable
 to Common Stockholders.</font></div></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1"><a name="page15_dagger"></a>&#134;</font></td>
</tr>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left" rowspan="11" valign="top"><div align="justify"><font face="Sans-Serif" size="2"><b>PRG-Schultz International</b> &#151; We were attracted to the dominant market share of this leader in the niche business of recovery audits for mid- to large-sized businesses. Its sluggish stock price performance led us to substantially build our position in 2003.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">2003 Net Realized and Unrealized Loss</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">PRG-Schultz International</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$808,519</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>TOP 10 POSITIONS</b></font></td>
</tr>
<tr>
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<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">% of Net Assets Applicable to</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">The Boyds Collection
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">545,462</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">Common Stockholders</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Sapient Corporation
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.5</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Allegiance Telecom
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">492,474</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Seneca Foods</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.4</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">On Assignment
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">418,440</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Excel Technology
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Daisytek International</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">415,052</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" rowspan="7" colspan="6" align="left" valign="top"><div align="justify"><font face="Sans-Serif" size="2"><br><br><b>The Boyds Collection</b> &#151; Sales and earnings for this designer and importer of handcrafted collectibles and other specialty giftware products continued to decline in 2003. At year end, we were still re-evaluating our position.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Transaction Systems Architects Cl. A
</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Covansys Corporation
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.2</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Juno Lighting
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Denison International ADR
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Delta Apparel
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<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" rowspan="14" valign="top"><img src="page15.jpg"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Richardson Electronics
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">800 JR Cigar</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">% of Net Assets Applicable to<br>Common Stockholders
</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Technology</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">26.7</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Industrial Products</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Industrial Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Health</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">11.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td colspan="8" align="center" valign="top"><font face="Sans-Serif" size="1" color="#004585"><b>The regular
reinvestment of distributions makes a difference!</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Natural Resources</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">9.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1"><sup><sup>1</sup></sup></font></td>
<td align="left" valign="top" colspan="7" rowspan="2"><div align="justify"><font face="Sans-Serif" size="1">Reflects the cumulative performance of an investment made by a stockholder who purchased one share at
inception ($7.50 IPO) and then reinvested distributions as indicated, and fully participated in primary
subscription of the 1994 rights offerings.</font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Consumer Products</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">9.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1"><sup><sup>2</sup></sup></font></td>
<td align="left" colspan="7" rowspan="2" valign="top"><div align="justify">
<font face="Sans-Serif" size="1">Reflects the actual market price
 of one share as it has traded on the Nasdaq and, beginning
 12/1/03, on the NYSE.</font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Financial Intermediaries</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">6.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Consumer Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">5.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Financial Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2"><div style="margin-left:10px;text-indent:-10px;">Diversified
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<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">0.4</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Miscellaneous</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">5.0</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Preferred Stocks</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.5</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Treasuries, Cash &#038; Cash Equivalents</font></div></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">20.8</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">Publicly Traded Securities Outstanding</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">at 12/31/03 at NAV or Liquidation Value</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">19.0 million shares<br>
of Common Stock</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$253 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">6.00% Cumulative<br>
Preferred Stock</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$60 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="13" align="left"><font face="Serif">&#160;</font></td>
</tr>
<tr>
<td colspan="13" align="right"><font face="Serif" color="#004585" size="2">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;15</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_16"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="9" align="left"><font face="Serif" color="#004585"><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST</small></b></font><hr noshade size="2" style="margin-top:-7px;" color="#004585"></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="12%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="11%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="6" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>NAV AVERAGE ANNUAL TOTAL RETURNS</b><br>
Through 12/31/03</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td rowspan="24" align="left" valign="top"><img src="whitney_george.jpg" align="left" style="margin-left:-3px;"><div align="justify"><font face="Serif" color="#004585"><b>M<small>ANAGER&#146;S</small> D<small>ISCUSSION</small></b></font><br>
<font face="Serif" size="2">With a little extra help from Technology and micro-cap stocks, Royce Focus Trust enjoyed a strong year by almost any measure in 2003. <b>On both a net asset value (NAV) and market price basis, the Fund posted its highest calendar-year return since Royce assumed its management on 11/1/96. FUND was up 54.3% on an NAV basis and 64.0% on a market price basis, both returns ahead of the Fund&#146;s small-cap benchmark, the Russell 2000, which was up 47.3% in 2003.</b> The fourth quarter saw further expansion of the rally beyond the more speculative issues that have been leading since the recovery began in October 2002. FUND stayed ahead of its benchmark in the fourth quarter, posting an
 NAV return of 16.4% and a market price return of 19.7%, versus a 14.5% return for the Russell 2000. We were even more pleased with the Fund&#146;s results over market cycle and long-term performance periods. For the period ended 12/31/03, FUND was up 76.4% from the small-cap market peak on 3/9/00, versus a decline of 3.3% for the Russell 2000. The Fund also outperformed the benchmark for the one-, three-, five-year and since inception periods ended 12/31/03. <b>FUND&#146;s average annual NAV total return since inception was 12.3%.</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Portfolio holdings in the Technology sector made the greatest positive impact on the Fund&#146;s performance. However, Tech did not dominate portfolio performance to the same degree that it did in the market as a whole (or in other Royce-managed portfolios), and we were pleased to see strong gains from companies in several sectors and industry groups. Of the Fund&#146;s twenty top-performing stocks in 2003, only five were Tech stocks. We were attracted to two of these companies based on our belief that their respective well-established and profitable business relationships with the U.S. military could keep them growing profitably. Each suffered from a depressed stock price in 2002, in part because the significant retrenchment in technology spending occurred not long after they first made forays into more commercial ventures.
 In the fall of 2002, we built our position in REMEC, a manufacturer of various components for wireless communications, while we first bought shares of ViaSat, which provides broadband digital satellite communications and other wireless networking and signal processing equipment and services early in 2003. The price of each stock rose during the rally. We took gains in REMEC in 2003, though at year-end we thought that each remained a well-run company. Another firm in which we reduced our stake due to its fast-rising stock price was e-commerce and e-payment software company, Transaction Systems Architects. In mid-2002, new management came on board and shaped up the firm&#146;s balance sheet, a move that focused our attention on what we already regarded as a potentially high-growth business. Although by the end of the year its price remained in orbit, we began to reduce our position in September at substantial gains.
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We first began to buy Endo Pharmaceuticals Holdings in FUND late in 2002. We liked its balance sheet, its high returns on capital, and the firm&#146;s roster of products, which included both brand name and generic drugs. None of that has changed, except that the company&#146;s cash flows were more robust in 2003 than we had expected. Although its stock price received a shot in the arm, we were content to hold a large position at the end of the year, thinking that the company still had room to grow. Our decision to trim our position in number-three holding E*TRADE Financial was based solely on the impressive rise of its stock price. We have retained our high view of its management and its ability to make the transition from an internet-based discount brokerage to a low-cost leader in financial services.</font></div></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Fourth Quarter 2003<a href="#page16_onestar">*</a></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">16.44%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">July-December 2003<a href="#page16_onestar">*</a></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">30.06&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">1-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">54.33&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">3-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.11&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">5-Year</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.34&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Since
 Inception (11/1/96)<sup><a href="#page16_dagger">&#134;</a></sup></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">12.28&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="bottom"><font face="Sans-Serif" size="1"><a name="page16_onestar"></a>*</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">Not annualized.</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="top"><font face="Sans-Serif" size="1"><a name="page16_dagger"></a>&#134;</font></td>
<td colspan="6" align="left" valign="top">
<font face="Sans-Serif" size="1">Royce &#038; Associates assumed investment
 management responsibility for the Fund on 11/1/96.</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="6" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>RISK/RETURN COMPARISON</b><br>
3-Year Period ended 12/31/03</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Average Annual<br>
Total Return</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Standard<br>
Deviation</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="1"><b>Return<br>
Efficiency<a href="#page16_twostar">*</a></b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><b>Royce Focus
Trust (NAV)</b></font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>14.1%</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>25.9</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center" valign="bottom"><font face="Sans-Serif" size="2"><b>0.54</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Russell 2000</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">&#160;&#160;6.3%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">23.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2">0.27&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="center" valign="top"><font face="Sans-Serif" size="1"><a name="page16_twostar"></a>*</font></td>
<td colspan="6" align="left" valign="bottom"><div align="justify">
<font face="Sans-Serif" size="1">Return Efficiency is the average annual total return divided by the annualized standard deviation over a designated time period.</font><br><br><font face="Sans-Serif" size="1" color="#004585"><b>Over the last three years, Royce Focus Trust has outperformed the Russell 2000 on both an absolute and a risk-adjusted basis.</b></font></div></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" align="left" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="7" align="center" valign="bottom"><img src="page16.jpg"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="31%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="3" align="left">
<font face="Sans-Serif" size="2" color="#ffec80"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><b>Year</b></font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="center"><font face="Sans-Serif" size="2"><b>FUND</b></font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">2003</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">54.3%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">2002</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">-12.5%</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">2001</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">10.0&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">2000</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">20.9&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">1999</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">8.7&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">1998</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">-6.8&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" bgcolor="#fff9E9" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">1997</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">20.5&#160;&#160;&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td colspan="9" align="left"><font face="Serif">&#160;</font></td>
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<td colspan="9" align="left"><font face="Serif" color="#004585" size="2">16 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
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<a name="page_17"></a>
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<td colspan="13" align="right"><font face="Serif" color="#004585"><b>P<small>ERFORMANCE AND</small> P<small>ORTFOLIO</small> R<small>EVIEW</small></b></font><hr noshade size="2" style="margin-top:-7px;" color="#004585"></td>
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<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="26%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="9%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td width="18%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td width="25%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="15%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" colspan="8" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>GOOD IDEAS THAT WORKED</b></font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left" rowspan="12" valign="top"><div align="justify">
<font face="Sans-Serif" size="2"><b>TSX Group</b> &#151; A newer position that we first bought shortly after its initial public offering,
 this company owns and operates the Toronto Stock Exchange, North America&#146;s
 third largest. It remains under-followed by domestic equity analysts. We built our position throughout</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">Median Market Capitalization</font></td>
<td nowrap bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$1,121 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">2003 Net Realized and Unrealized Gain</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">TSX Group</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$2,183,572</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average P/E Ratio</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">22.8x</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2"><a href="#page17_onestar">*</a></font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Winnebago Industries</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">2,007,800</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average P/B Ratio</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">2.4x</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Endo Pharmaceuticals Holdings</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,796,980</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Weighted Average Yield</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">0.5%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Transaction Systems</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Fund Net Assets</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$87 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;&#160;&#160;Architects Cl. A</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,750,937</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Turnover Rate</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">49%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Carlisle Holdings</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">1,353,000</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" rowspan="8" colspan="6" align="left" valign="top"><div align="justify">
<font face="Sans-Serif" size="2">2003, attracted to the company&#146;s increased earnings and
 technological innovations. We also received a favorable currency exchange
 benefit due to the weakening American dollar.<br><br><br><b>Winnebago Industries</b> &#151; Although
 we initiated our position in the Fund&#146;s portfolio in March 2003, we have
 long liked the dominant market share and
 strong profit margins of this leading recreation vehicle manufacturer. The fact that the company
 has been using much of its free cash flow to buy back stock only adds to the list of attractive
 qualities.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Net Leverage<sup><a href="#page17_dagger">&#134;</a></sup></font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">6%</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Symbol - Market Price</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">FUND</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:48px;">
<font face="Sans-Serif" size="2">- NAV</font></div></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">XFUNX</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" valign="top" align="left" rowspan="6"><div align="justify" style="margin-left:12px;text-indent:-10px;"><font face="Sans-Serif" size="2"><a name="page17_onestar"></a>*</font>&#160;<font face="Sans-Serif" size="1">Excludes 18% of portfolio holdings with zero
 or negative earnings as of 12/31/03.</font></div><div align="justify" style="margin-left:12px;text-indent:-10px;"><font face="Sans-Serif" size="1"><a name="page17_dagger"></a>&#134;&#160;Net leverage is the percentage, in excess of 100%, of the total value of investments (excluding short-term), divided by net assets applicable to Common Stockholders.</font></div></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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</tr>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left" rowspan="12" valign="top"><div align="justify"><font face="Sans-Serif" size="2"><b>Durect Corporation</b> &#151; Our once healthy confidence in this pharmaceuticals firm quickly turned ill last summer when it took on additional debt (and diluted the value of its stock) in the form of a large private placement of convertible debt securities. We sold our shares in August.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">2003 Net Realized and Unrealized Loss</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Durect Corporation</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">$437,744</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>TOP 10 POSITIONS</b></font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">% of Net Assets Applicable to</font></td>
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<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Monaco Coach</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">232,987</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">Common Stockholders</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">
<div style="margin-left:10px;text-indent:-10px;">New Zealand Government<br>6.5% Bond</div></font></td>
<td valign="bottom" bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">7.7</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Natuzzi ADR</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">198,018</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">TSX Group</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">4.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Somera Communications
</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">157,300</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">E*TRADE Financial</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">4.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">On Assignment</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">118,500</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Simpson Manufacturing</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">4.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" rowspan="5" colspan="6" valign="top" align="left"><div align="justify">
<font face="Sans-Serif" size="2"><b>Monaco Coach</b> &#151; Thinking that its balance sheet was not as well-engineered as its more promising competitors, we sold our shares in January and February 2003, essentially upgrading (in our estimation) to Winnebago Industries.</font></div></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Nu Skin Enterprises Cl. A</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3.9</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Hecla Mining Company</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><div style="margin-left:10px;text-indent:-10px;"><font face="Sans-Serif" size="2">Endo Pharmaceuticals Holdings</font></div></td>
<td bgcolor="#fff9E9" valign="bottom" align="right"><font face="Sans-Serif" size="2">3.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#bec1d9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Goldcorp</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="8" rowspan="14" valign="top" align="center"><img src="page17.jpg"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Winnebago Industries</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">3.2</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">Alleghany Corporation</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">3.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585" valign="top"><font face="Sans-Serif" size="2" color="#ffec80">% of Net Assets Applicable to<br>Common Stockholders</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Natural Resources</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">19.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Financial Intermediaries</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">14.2</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Health</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">12.2</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Technology</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">11.5</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Industrial Products</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">10.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Consumer Products</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">9.6</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" colspan="7"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Industrial Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">7.4</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Consumer Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">6.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">Financial Services</font></td>
<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">4.1</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#fff9E9" align="right"><font face="Sans-Serif" size="2">11.2</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">22.3</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>CAPITAL STRUCTURE</b></font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">Publicly Traded Securities Outstanding</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#004585" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80">at 12/31/03 at NAV or Liquidation Value</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">9.7 million shares<br>
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<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" colspan="4"><hr size="1" color="#bec1d9" noshade></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#fff9E9" align="left" valign="bottom"><font face="Sans-Serif" size="2">6.00% Cumulative<br>
Preferred Stock</font></td>
<td bgcolor="#fff9E9" align="right" valign="bottom"><font face="Sans-Serif" size="2">$25 million</font></td>
<td bgcolor="#fff9E9" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="13" align="left"><font face="Serif">&#160;</font></td>
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<tr>
<td colspan="13" align="right"><font face="Serif" color="#004585" size="2">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;17</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_18"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td><font face="Serif" color="#004585"><b>D<small>ISTRIBUTION</small> R<small>EINVESTMENT AND</small> C<small>ASH</small> P<small>URCHASE</small> O<small>PTIONS</small> F<small>OR</small> C<small>OMMON</small> S<small>TOCKHOLDERS</small></b></font><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="2"><font face="Serif" color="#004585">&#160;</font></td></tr>
<tr>
<td valign="top" width="10%"><font face="Sans-Serif" color="#004585">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Serif" size="2" color="#004585"><b>W<small>HY SHOULD</small> I <small>REINVEST MY DISTRIBUTIONS</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By reinvesting distributions, a stockholder can maintain an undiluted investment in the Fund. The regular
reinvestment of distributions has a significant impact on stockholder returns. In contrast, the stockholder who takes
distributions in cash is penalized when shares are issued below net asset value to other stockholders.
<br><br>
<b>H<small>OW DOES THE REINVESTMENT OF DISTRIBUTIONS FROM THE</small> R<small>OYCE CLOSED-END FUNDS WORK</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Funds automatically issue shares in payment of distributions unless you indicate otherwise. The shares are
 generally issued at the lower of the market price or net asset value on the valuation date.
<br><br>
<b>H<small>OW DOES THIS APPLY TO REGISTERED STOCKHOLDERS</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If your shares are registered directly with a Fund, your distributions are automatically reinvested unless you
have otherwise instructed the Funds&#146; transfer agent, EquiServe, in writing. A registered stockholder also has the
option to receive the distribution in the form of a stock certificate or in cash if EquiServe is properly notified.
<br><br>
<b>W<small>HAT IF MY SHARES ARE HELD BY A BROKERAGE FIRM OR A BANK</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If your shares are held by a brokerage firm, bank, or other intermediary as the stockholder of record, you should
contact your brokerage firm or bank to be certain that it is automatically reinvesting distributions on your behalf.
If they are unable to reinvest distributions on your behalf, you should have your shares registered in your name in
order to participate.
<br><br>
<b>W<small>HAT OTHER FEATURES ARE AVAILABLE FOR REGISTERED STOCKHOLDERS</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Distribution Reinvestment and Cash Purchase Plans also allow registered stockholders to make optional
cash purchases of shares of a Fund&#146;s common stock directly through EquiServe on a monthly basis, and to deposit
certificates representing your Fund shares with EquiServe for safekeeping. The Funds&#146; investment adviser is
absorbing all commissions on optional cash purchases under the Plans through December 31, 2004.
<br><br>
<b>H<small>OW DO THE</small> P<small>LANS WORK FOR REGISTERED STOCKHOLDERS</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EquiServe maintains the accounts for registered stockholders in the Plans and sends written confirmation of all transactions in the account. Shares in the account of each participant will be held by EquiServe in non-certificated form in the name of the participant, and each participant will be able to vote those shares at a stockholder meeting or by
proxy. A participant may also send other stock certificates held by them to EquiServe to be held in non-certificated form. There is no service fee charged to participants for reinvesting distributions. If a participant elects to sell shares from a Plan account, EquiServe will deduct a $2.50 fee plus brokerage commissions from the sale transaction. If a nominee is the registered owner of your shares, the nominee will maintain the accounts on your behalf.
<br><br>
<b>H<small>OW CAN</small> I <small>GET MORE INFORMATION ON THE</small> P<small>LANS</small>?</b>
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;You can call an Investor Services Representative at (800) 221-4268 or you can request a copy of the Plan for
your Fund from EquiServe. All correspondence (including notifications) should be directed to: [Name of Fund]
Distribution Reinvestment and Cash Purchase Plan, c/o EquiServe, PO Box 43011, Providence, RI 02940-3011,
telephone (800) 426-5523.
</font></div><br></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>18 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_19"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td><font face="Serif" color="#004585"><b>D<small>IRECTORS AND</small> O<small>FFICERS</small></b></font><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" color="#004585" size="2"><br>
<b>All Directors and Officers may be reached c/o The Royce Funds, 1414 Avenue of the Americas, New York, NY 10019</b></font><hr size="1" color="#004585" noshade><br></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3"><font face="Sans-Serif" color="#004585" size="1"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">Charles M. Royce (64), Director<a href="#page_19_foot_star">*</a> and President</font></td>
<td>&#160;</td>
<td colspan="3"><font face="Sans-Serif" color="#004585" size="1"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">David L. Meister (64), Director</font></td>
</tr>
<tr>
<td valign="top" width="18%"><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2003</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="28%"><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (OTCM), 1996 (FUND)</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" width="18%"><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2003</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (OTCM), 1996 (FUND)</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1"><div align="justify"><b>Non-Royce Directorships:</b> Director of
 Technology Investment Capital Corp.</div></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
</tr>
<tr>
<td colspan="3" valign="top"><p align="justify"><font face="Sans-Serif" color="#000000" size="1"><b>Principal Occupation(s) During Past Five Years:</b></font> <font face="Sans-Serif" size="1">President, Chief Investment Officer and Member of Board of Managers (since October 2001), of Royce &#038; Associates, LLC (&#147;Royce&#148;), the Fund&#146;s investment adviser.</font></p></td>
<td>&#160;</td>
<td rowspan="4" colspan="3" valign="top"><p align="justify"><font face="Sans-Serif" color="#000000" size="1"><b>Principal Occupation(s) During Past Five Years:</b></font>
<font face="Sans-Serif" size="1">Chairman and Chief Executive Officer of The Tennis Channel (since June 2000). Chief Executive Officer of Seniorlife.com (from December 1999 to May 2000). Mr. Meister&#146;s prior business experience includes having served as a consultant to the communications industry, President of Financial News Network, Senior Vice President of HBO, President of Time-Life Films and Head of Broadcasting for Major League Baseball.</font><br><br><font face="Sans-Serif" color="#004585" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">G. Peter O&#146;Brien (58), Director</font></p></td>
</tr>
<tr>
<td colspan="3"><font face="Sans-Serif" color="#004585" size="1"><br><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Mark R. Fetting (49), Director<a href="#page_19_foot_star">*</a></font></td>
<td>&#160;</td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 2001</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><div align="justify"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> Director/Trustee of the registered investment companies constituting the 22 Legg Mason Funds.</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td rowspan="5" colspan="3" valign="top"><div align="justify"><font face="Sans-Serif" color="#000000" size="1"><b>Principal Occupation(s) During Past Five Years:</b></font>
<font face="Sans-Serif" size="1">Executive Vice President of Legg Mason, Inc.; Member of Board of Managers of Royce (since October 2001); Division President and Senior Officer, Prudential Financial Group, Inc. and related companies, including Fund Boards and consulting services to subsidiary companies (from 1991 to 2000). Mr. Fetting&#146;s prior business experience includes having served as Partner, Greenwich Associates and Vice President, T. Rowe Price Group, Inc.</font></div><hr size="2" color="#004585" noshade>
</td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 2001</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> Director/Trustee of registered investment companies constituting the 22 Legg Mason Funds; Director of Renaissance Capital Greenwich Fund and Director of Technology Investment Capital Corp.</font></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td rowspan="19" colspan="3" valign="top"><div align="justify"><font face="Sans-Serif" color="#000000" size="1"><b>Principal Occupation(s) During Past Five Years:</b></font>
<font face="Sans-Serif" size="1">Trustee of Colgate University; Director of Renaissance Capital Greenwich Funds; Vice President of Hill House, Inc.; Director/Trustee of certain Legg Mason retail funds; Managing Director/Equity Capital Markets Group of Merrill Lynch &#038; Co. (from 1971 to 1999).</font></div><hr size="2" color="#004585" noshade>
<div align="justify"><font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">John D. Diederich (52), Vice President and Treasurer<br> <b>Tenure:</b> Since 1997<br><br>
<b>Principal Occupation(s) During Past Five Years:</b> Managing Director, Chief Operating Officer and Member of Board of Managers of Royce (since October 2001); Director of Administration of the Funds since April 1993.
<br><br>
</font><font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">Jack E. Fockler, Jr. (45), Vice President<br> <b>Tenure:</b> Since 1995 (RVT), 1995 (OTCM), 1996 (FUND)<br><br> <b>Principal Occupation(s) During Past Five Years:</b> Managing Director and Vice President of Royce, having been employed by Royce since October 1989.
<br><br>
</font><font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">W. Whitney George (45), Vice President<br> <b>Tenure:</b> Since 1995 (RVT), 1995 (OTCM), 1996 (FUND)<br><br> <b>Principal Occupation(s) During Past Five Years:</b>
Managing Director and Vice President of Royce, having been employed by Royce since October 1991.<br><br>
</font><font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">Daniel A. O&#146;Byrne (41), Vice President and Assistant Secretary<br> <b>Tenure:</b> Since 1994 (RVT), 1994 (OTCM), 1996 (FUND)<br><br> <b>Principal Occupation(s) During Past Five Years:</b> Vice President of Royce, having been employed by Royce since October 1986.<br><br>
</font><font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font> <font face="Sans-Serif" size="1">John E. Denneen (36), Secretary<br> <b>Tenure:</b> 1996-2001 and Since April 2002<br><br>
<b>Principal Occupation(s) During Past Five Years:</b> General Counsel (Deputy General Counsel prior to 2003), Principal, Chief Compliance Officer and Secretary of Royce and Principal of Credit Suisse First Boston Private Equity (2001-2002).</font></div>
</td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom">
<font face="Sans-Serif" color="#004585" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Donald R. Dwight (72), Director</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2005</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1998</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><p align="justify"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><p align="justify"><font face="Sans-Serif" size="1"><b>Principal Occupation(s) During Past Five Years:</b> President of Dwight Partners, Inc., corporate communications consultant; Chairman (from 1982 to March 1998) and Chairman Emeritus (since March 1998) of Newspapers of New England, Inc. Mr. Dwight&#146;s prior experience includes having served as Lieutenant Governor of the Commonwealth of Massachusetts, as President and Publisher of Minneapolis Star and Tribune Company, and as Trustee of the registered investment companies constituting the 94 Eaton Vance Funds.</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3">
<font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Richard M. Galkin (65), Director</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993
(OTCM), 1996 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><p align="justify"><font face="Sans-Serif" size="1"><b>Principal Occupation(s) During Past Five Years:</b> Private investor. Mr. Galkin&#146;s prior business experience includes having served as President of Richard M. Galkin Associates, Inc., telecommunications consultants, President of Manhattan Cable Television (a subsidiary of Time, Inc.), President of Haverhills Inc. (another Time, Inc. subsidiary), President of Rhode Island Cable Television and Senior Vice President of Satellite Television Corp. (a subsidiary of Comsat).</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Stephen L. Isaacs (64), Director</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2005 (RVT), 2005 (OTCM), 2003 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (OTCM), 1996 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><p align="justify"><font face="Sans-Serif" size="1"><b>Principal Occupation(s) During Past Five Years:</b> President of The Center for Health and Social Policy (since September 1996); Attorney and President of Health Policy Associates, Inc., consultants. Mr. Isaacs&#146;s prior business experience includes having served as Director of Columbia University Development Law and Policy Program and Professor at Columbia University (until August 1996).</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3">
<font face="Sans-Serif" size="1" color="#004585"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">William L. Koke (69), Director</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2003 (RVT), 2003
(OTCM), 2005 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 2001 (RVT), 2001
(OTCM), 1997 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>No. of Funds Overseen:</b> 19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><p align="justify"><font face="Sans-Serif" size="1"><b>Principal Occupation(s) During Past Five Years:</b> Financial planner with Shoreline Financial Consultants. Mr. Koke&#146;s prior business experience includes having served as Director of Financial Relations of SONAT, Inc., Treasurer of Ward Foods, Inc. and President of CFC, Inc.</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" colspan="2"><font face="Sans-Serif" size="-2">&#160;</font></td>
</tr>
<tr>
<td width="1%"><font face="Sans-Serif" size="2"><a name="page_19_foot_star"></a>*</font></td>
<td valign="bottom"><font face="Sans-Serif" size="-2">Interested Director.</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td align="right"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;19</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_20"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="5" valign="bottom"><font face="Serif" color="#002c70" size="3"><b>N<small>OTES</small> T<small>O</small> P<small>ERFORMANCE</small> A<small>ND</small> S<small>TATISTICAL</small> I<small>NFORMATION</small></b></font><hr size="2" noshade color="#002c70"></td>
</tr>
<tr>
<td valign="top"><font face="Serif">&#160;</font></td>
<td valign="top" colspan="3"><font face="Serif">&#160;</font></td>
<td valign="top"><font face="Serif">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Serif">&#160;</font></td>
<td colspan="3" valign="top"><font face="Serif" color="#002c70" size="3"><b>A<small>UTHORIZED</small> S<small>HARE</small> T<small>RANSACTIONS</small></b></font>
<div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;Each of Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust may repurchase up to 300,000 shares of its common stock and up
to 10% of the issued and outstanding shares of each series of its preferred stock during the year ending December 31, 2004. Any such
repurchases would take place at then prevailing prices in the open market or in other transactions. Common stock repurchases would be effected
at a price per share that is less than the share&#146;s then current net asset value, and preferred stock repurchases would be effected at a price per share
that is less than the share&#146;s liquidation value.<br>&#160;&#160;&#160;&#160;&#160;Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust are also authorized to offer their common stockholders an opportunity to
subscribe for additional shares of their common stock through rights offerings at a price per share that may be less than the share&#146;s then current
net asset value. The timing and terms of any such offerings are within each Board&#146;s discretion.</font></div>
</td>
<td valign="top"><font face="Serif">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Serif">&#160;</font></td>
<td valign="top" colspan="3"><font face="Serif">&#160;</font></td>
<td valign="top"><font face="Serif">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9" width="5%" valign="top"><font face="Serif">&#160;</font></td>
<td colspan="3" valign="top" bgcolor="#bec1d9"><font face="Serif" size="3" color="#002c70"><br><b>N<small>OTES</small> T<small>O</small> P<small>ERFORMANCE</small> A<small>ND</small> S<small>TATISTICAL</small> I<small>NFORMATION</small></b></font>
<div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;All performance information is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee
of future results or volatility. Investment return and principal value will fluctuate, so that shares may be worth more or less than their original cost
when sold. The Royce Funds invest primarily in securities of small-cap and/or micro-cap companies that may involve considerably more risk than
investments in securities of larger-cap companies. The thoughts expressed in this report concerning recent market movements and future prospects
for small company stocks are solely the current opinion of Royce, and, of course, historical market trends are not necessarily indicative of future
market movements. Statements regarding the future prospects for particular securities held in the Funds&#146; portfolios and Royce&#146;s investment intentions
with respect to those securities reflect Royce&#146;s opinions as of December 31, 2003 and are subject to change at any time without notice. There can be no
assurance that securities mentioned in this report will be included in any Royce-managed portfolio in the future.
<br>&#160;&#160;&#160;&#160;&#160;Standard deviation is a statistical measure within which a fund&#146;s total returns have varied over time. The greater the standard deviation, the
greater a fund&#146;s volatility.
<br>&#160;&#160;&#160;&#160;&#160;The Russell 2000, Russell 2000 Value, Russell 2000 Growth, Nasdaq Composite and S&#038;P 500 are unmanaged indices of domestic common
stocks. CRSP (Center for Research in Security Pricing) divides the U.S. equity market into 10 deciles. Deciles 1-5 represent the largest domestic
equity companies and deciles 6-10 represent the smallest. By way of comparison, the CRSP 1-5 would have similar capitalization parameters to
the S&#038;P 500 and the CRSP 6-10 would approximately match those of the Russell 2000. Returns for the market indices used in this report were
based on information supplied to Royce by Frank Russell, CRSP and Morningstar. Royce has not independently verified the above described
information. The Royce Funds is a service mark of The Royce Funds.</font></div>
<br>
<font face="Serif" size="3" color="#002c70"><b>F<small>ORWARD</small>-<small>LOOKING</small> S<small>TATEMENTS</small></b></font>
<div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;This material contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;), that involve risks and uncertainties, including, among others, statements as to:</font></div>
<ul type="square">
<li><font face="Serif" size="2">the Funds&#146; future operating results,</font>
<li><font face="Serif" size="2">the prospects of the Funds&#146; portfolio companies,</font>
<li><font face="Serif" size="2">the impact of investments that the Funds have made or may make,</font>
<li><div style="margin-left:10px; text-indent:-10px"><font face="Serif" size="2">the dependence of the Funds&#146; future success on the general economy and its impact on the companies and industries in which the Funds invest, and</font></div>
<li><font face="Serif" size="2">the ability of the Funds&#146; portfolio companies to achieve their objectives.</font>
</ul>
<div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;This report uses words
 such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;future,&#148; &#147;intends,&#148; and similar
 expressions to identify forward-looking statements. Actual results may differ materially from those
 projected in the forward-looking statements for any reason.<br>&#160;&#160;&#160;&#160;&#160;The Royce
 Funds have based the forward-looking statements included in this report on information available to us
 on the date of the report, and we assume no obligation to update any such forward-looking
 statements. Although The Royce Funds undertake no obligation to revise or update any forward-looking
 statements, whether as a result of new information, future events or otherwise, you
 are advised to consult any additional disclosures that we may make through future stockholder
 communications or reports.<br><br></font></div></td>
<td bgcolor="#bec1d9" width="5%" valign="top"><font face="Serif">&#160;</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>20 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_21"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small>
 V<small>ALUE</small> T<small>RUST</small>, I<small>NC</small>.</b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULES OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="33%"><font face="Sans-Serif" size="2"><b>COMMON
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<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="33%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Consumer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Jack
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">42,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">897,120</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Apparel and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Prime
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">106,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,082,220</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Jones
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">81,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,871,245</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Ryan&#146;s Family Steak Houses <sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">48,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">740,346</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">K-Swiss
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,849,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Oshkosh
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">104,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,238,278</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,892,727</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Polo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">150,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,320,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Timberland
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,562,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Retail Stores
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Weyco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">153,996</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,181,811</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Big
 Lots <sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">207,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,944,312</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Wolverine
 World Wide</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">84,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,720,072</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Charming
 Shoppes <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">584,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,155,760</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Claire&#146;s Stores</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">109,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,068,632</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,743,106</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>GameStop Corporation Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">519,317</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>Linens &#146;n Things <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,143,040</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Collectibles
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Payless
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">289,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,880,640</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">The
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">234,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">995,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Stein
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">192,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,588,672</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Enesco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">487,104</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>Urban Outfitters</b> <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">152,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,653,830</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,482,454</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,954,203</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Food/Beverage/Tobacco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Consumer
 Services - 1.3%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">800
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">172,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,241,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">ITT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,992,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Hain
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">37,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">877,338</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>Sotheby&#146;s Holdings Cl. A</b> <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">510,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,969,332</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Hershey
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">709</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,357,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Lancaster
 Colony</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">763,204</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,961,782</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,239,167</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $35,118,163)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,966,883</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Home Furnishing/Appliances
 - 0.9%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Bassett
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">116,675</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,925,137</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Banking -
 2.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Falcon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">761,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,351,040</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">BOK
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">125,561</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,861,722</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">La-Z-Boy
<sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,430,836</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Farmers
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,266</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,570,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Natuzzi
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">118,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,196,496</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,130</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,760,550</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Mechanics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,760,000</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,903,509</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Mercantile
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">911,600</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">NetBank</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">934,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Publishing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Oriental
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49,225</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,265,083</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="2" nowrap><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Martha
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">59,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Scholastic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">130,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,425,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22,063,855</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,484,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Insurance
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Alleghany
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,158,250</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Argonaut
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">187,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,905,980</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Callaway
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">589,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Baldwin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">594,872</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Coachmen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">863,847</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Commerce
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,955,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Fleetwood
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">234,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,403,918</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">169,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,200,362</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Monaco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">141,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,356,990</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">595,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Oakley</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">243,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,364,504</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Leucadia
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">51,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,374,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Thor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">680,262</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Markel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,064,742</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Montpelier
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">53,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,945,100</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,259,271</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">NYMAGIC</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,336,184</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Navigators
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">83,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,568,384</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PICO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">179,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,811,198</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Blyth</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,762,434</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PMA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">231,700</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,186,304</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Burnham
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">900,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PXRE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">176,551</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,161,307</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Fossil
<sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">420,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left" colspan="2"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Philadelphia
 Consolidated Holding <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,709,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Lazare
 Kaplan International <sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">103,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">720,020</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">The
 Phoenix Companies <sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">81,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">986,076</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Matthews
 International Cl. A <sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">186,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,503,740</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">ProAssurance
 Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">152,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,889,050</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">RLI</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">122,724</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,597,241</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,306,344</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Reinsurance
 Group of America <sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,159,500</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Wesco
 Financial <sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,728,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $39,042,960)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,418,151</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
White Mountains Insurance Group</b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,669,275</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Zenith
 National Insurance</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,154,095</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Consumer
 Services &#150; 5.6%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Leisure/Entertainment
 - 0.4%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">59,749,770</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Gemstar-TV
 Guide International <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">215,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,086,255</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Hasbro</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,064,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Securities
 Brokers - 0.7%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Magna
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">198,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,007,916</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">E*TRADE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">360,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,554,000</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>Investment Technology Group <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">323,000</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,158,171</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Knight
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">95,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,390,800</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Restaurants/Lodgings
 - 1.5%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,267,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Benihana
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">738,875</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">CEC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,421,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Four
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,790,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
IHOP Corporation</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">161,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,222,216</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="3">&#160;</td>
</tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small>
 R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;21</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_22"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small>
 V<small>ALUE</small> T<small>RUST</small>, I<small>NC</small>.</b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULES OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="33%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="33%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Financial
 Intermediaries (continued)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Chiron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,242,382</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">DUSA
 Pharmaceuticals <sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">79,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">402,485</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Chicago
 Mercantile Exchange</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">723,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Endo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">184,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,547,692</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Genzyme
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,381,520</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $52,286,851)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">88,805,025</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Human
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">90,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,192,500</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Invitrogen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,800,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Lexicon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">523,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,082,237</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Information
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Millennium
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">933,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Barra
<sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">42,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,497,678</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Perrigo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">169,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,670,828</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">eFunds
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">207,775</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,604,896</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Shire Pharmaceuticals Group ADR <sup><a href="#page26_a">a</a>,<a href="#page26_d">b</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,853</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">605,780</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">FactSet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">110,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,203,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Global
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,227,720</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,742,869</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Moody&#146;s Corporation</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,816,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">National
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">471,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Health Services
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,839,804</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Accredo
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,705</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">275,165</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Albany
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">89,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,336,780</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">17,660,698</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Gentiva
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,150</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">381,096</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Health
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">27,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">657,600</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">164,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">623,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Crawford
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">289,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,049,719</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Lincare
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">34,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,039,038</font></td>
</tr>
<tr>
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<font face="Sans-Serif" size="2" color="#004585">Crawford
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">425,718</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Manor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,015,431</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Gallagher
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">86,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,800,638</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">MedQuist
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,893</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,186,722</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Hilb,
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">155,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,972,454</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">On
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">425,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,215,292</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Quovadx
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">173,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">849,660</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,248,529</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,579,984</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
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<tr>
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<font face="Sans-Serif" size="2" color="#004585">Alliance
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">135,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,556,250</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">BKF
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">881,076</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Ocular
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">152,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,378,275</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,327,750</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,470,144</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,572,128</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>Gabelli Asset Management Cl. A <sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,705,380</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,848,419</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,177,872</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Surgical Products
 and Devices - 2.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,220,456</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Allied
 Healthcare Products <sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">231,000</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Arrow International</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">272,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,799,556</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Financial
 Services - 0.4%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">CONMED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">81,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,939,700</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PRG-Schultz
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">556,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,725,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Datascope</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">34,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,218,900</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Van
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">425,810</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Diagnostic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,147,750</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Haemonetics
<sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">77,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,861,031</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,151,190</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Invacare</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">88,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,552,560</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Novoste
<sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">318,535</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $34,938,083)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,280,873</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">STERIS
<sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">48,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,098,360</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Varian
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,819,280</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Health
 &#150; 10.0%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Zoll
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">716,696</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Commercial
 Services - 2.5%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Covance
<sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">122,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,288,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,703,368</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">495,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,791,917</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Gene
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">340,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,765,119</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $64,253,178)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,109,268</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">IDEXX
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">98,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,535,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PAREXEL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">277,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,515,402</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Pharmaceutical Product Development <sup><a href="#page26_a">a</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">269,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Automotive
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Sybron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">590,100</font></td>
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<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">The
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">190,200</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,226,790</font></td>
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<font face="Sans-Serif" size="2" color="#004585">IMPCO
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">135,160</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,550</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,251,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">124,620</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,234,628</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,229,980</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Abgenix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">473,480</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Affymetrix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">81,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,013,098</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Decker
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,022</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">196,919</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Antigenics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">435,820</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">131,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,786,132</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">180,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,175,144</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:30px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Genomics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">199,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,770,872</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Biopure
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">43,316</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,158,195</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">BioSource
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,832</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Celgene
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,800,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Cephalon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">237,209</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Ash Grove Cement Company Cl. B</b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,518</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,961,124</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Cerus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">98,518</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">ElkCorp
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">27,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">720,900</font></td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="3">&#160;</td>
</tr>
<tr>
<td valign="top" align="left"><font face="Serif" size="2" color="#004585">22 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_23"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom" align="left"><br><font face="Serif" color="#004585"><b>R<small>OYCE</small>
 V<small>ALUE</small> T<small>RUST</small>, I<small>NC</small>.</b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULES OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="33%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="33%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Industrial
 Products (continued)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Maxwell
 Technologies <sup><a href="#page26_a">a</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">152,650</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Construction
 Materials (continued)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Myers
 Industries</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,727</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">639,051</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Florida
 Rock Industries</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,706,130</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Peerless
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">158,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,045,940</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>Martin Marietta Materials <sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">375,760</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Steelcase
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">82,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,184,700</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Synalloy
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">345,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,387,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Trinity
 Industries</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">616,800</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14,151,314</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,137,788</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">137,330,015</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">AMETEK</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">43,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,075,180</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Bel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">53,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,590,680</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Industrial
 Services &#150; 13.7%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Belden</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">97,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,062,602</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Advertising/Publishing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">C
 &#038; D Technologies</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">958,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Catalina
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,209,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Donaldson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,538,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Interpublic
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">155,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,418,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="2"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Penn Engineering &#038; Manufacturing</b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">251,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,787,948</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Penn Engineering &#038; Manufacturing Cl. A</b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">77,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,311,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,627,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PerkinElmer</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">135,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,304,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Powell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,099,210</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Commercial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Woodhead
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">767,260</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">ABM
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">179,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,130,318</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>Administaff <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">37,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">651,750</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,495,430</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Allied
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">188,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,620,544</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Carlisle
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">194,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,198,635</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Machinery
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Central
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">171,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,559,002</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Coherent
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">208,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,967,060</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Convergys
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">149,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,601,540</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Federal
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,026,672</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>DeVry <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">628,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Graco</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">64,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,588,455</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Hewitt
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,196,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">IDEX
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">998,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page26_dagger">&#134;</a></sup>Hudson Highland Group <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,549</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,205,594</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Lincoln Electric Holdings</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">237,880</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,885,151</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">iGATE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">116,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">914,525</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">National
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,164,372</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Iron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">127,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,039,373</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Nordson Corporation</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">172,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,946,066</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Korn/Ferry
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">140,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,876,938</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Oshkosh
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">765,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Learning
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">53,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">928,626</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">PAXAR
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">333,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,463,540</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">609,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,698,825</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,182,688</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Manpower</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,627,064</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Metro
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,000</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,987,614</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Monster
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">79,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,734,840</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">New
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">277,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,578,697</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Pemstar
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">223,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">733,670</font></td>
</tr>
<tr>
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<font face="Sans-Serif" size="2" color="#004585">Peak
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">408,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,287,040</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">RemedyTemp
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">681,875</font></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Renaissance
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">361,200</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Reynolds
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,510,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Baldor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,437,265</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Spherion
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">479,710</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">ConBraCo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,630</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">648,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">TRC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">589,680</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Denison
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">79,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,897,660</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">United
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">736,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Franklin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">23,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,427,564</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Watson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">77,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,869,210</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,411,039</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">West
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,742,250</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">44,960,276</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Arch
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">980,212</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">CFC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">123,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">654,550</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Hawkins</font></div></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">136,878</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,910,817</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">EMCOR
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">965,800</font></td>
</tr>
<tr>
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<font face="Sans-Serif" size="2" color="#004585"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">226,631</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,759,845</font></td>
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<font face="Sans-Serif" size="2" color="#004585">Insituform
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">160,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,640,000</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Jacobs
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">480,100</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,305,424</font></td>
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<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">McDermott
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">71,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">848,450</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Washington
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,397,000</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="left"><font face="Sans-Serif" size="2">Steel/Metal
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Commercial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">152,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,331,350</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Kaydon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">208,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,392,808</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">NN</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">127,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,600,189</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Food/Tobacco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Oregon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">247,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,440,299</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Farmer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,668,750</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>MGP Ingredients</b> <sup><a href="#page26_c">c</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">417,322</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,572,822</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,585,296</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,241,572</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Textiles -
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Unifi
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">245,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,580,895</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Central
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,799</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,500,605</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Ritchie Bros. Auctioneers</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">155,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,241,120</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Albany
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,542,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Strategic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">115,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,611,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">BHA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">187,252</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,709,388</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Brady Corporation Cl. A</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">139,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,680,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,352,875</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585">Diebold
<sup><a href="#page26_d">d</a></sup></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,387,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px">
<font face="Sans-Serif" size="2" color="#004585"><b>
Kimball International Cl. B</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">397,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,179,259</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="3">&#160;</td>
</tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small>
 R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;23</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_24"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom" align="left"><br><font face="Serif" color="#004585"><b>R<small>OYCE</small>
 V<small>ALUE</small> T<small>RUST</small>, I<small>NC</small>.</b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="29%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="30%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="90%" align="right"></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="60%" align="right"></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="90%" align="right"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="65%" align="right"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
Industrial Services (continued)</b></div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Gold Fields ADR <sup><a href="#page26_b">b</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,800</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">805,732</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Printing - 0.7%</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Hecla Mining Company <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">198,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,641,420</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Bowne &#038; Co.</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">923,436</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
MK Gold <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">517,900</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">787,208</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Ennis Business Forms</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">959,310</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Stillwater Mining <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,296</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">500,473</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Moore Wallace <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">90,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,698,811
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
New England Business Service</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,800</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,029,600
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,033,963</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,611,157
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Real Estate - 1.2%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Alico</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,807,520</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Transportation and Logistics - 3.1%</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Chelsea Property Group</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,096,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
AirNet Systems <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">219,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">825,630</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Consolidated-Tomoka Land</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,564</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">443,543</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Alexander &#038; Baldwin</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,021,400
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Public Storage</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,084,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Brink&#146;s Company (The) <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">137,278</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,103,856
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Trammell Crow Company <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">412,400</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,464,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
C.
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,516,400
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Continental Airlines Cl. B <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,627,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,896,313</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
EGL <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">173,125</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,040,075
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Forward Air <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">166,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,578,750
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $46,347,366)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,092,653</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Frozen Food Express Industries <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">306,635</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,036,056
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Hub Group Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">77,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,658,580
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Technology &#150; 23.3%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Landstar System <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,278,144
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aerospace/Defense - 0.9%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Patriot Transportation Holding <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">101,300</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,342,900
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px">
 <sup><a href="#page26_dagger">&#134;</a></sup>Armor Holdings <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">736,680</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
UTI Worldwide <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,706,850
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Curtiss-Wright <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">86,600</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,897,866</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Ducommun <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">117,200</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,619,420</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26,735,641
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Herley Industries <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">41,400</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Other Industrial Services - 0.6%</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,295,366</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Landauer</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">117,900</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,807,962
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2">
Components and Systems - 6.4%</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $81,161,608)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">116,668,433
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Adaptec <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">99,500</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">878,585</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
American Power Conversion <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">161,200</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,941,340</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
Natural Resources &#150; 7.8%</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Analogic Corporation</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">533,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#000000" face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Energy Services - 3.3%</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Dionex Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">89,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,095,780</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Atwood Oceanics <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">19,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">629,218</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Excel Technology <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">168,500</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,536,910</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Carbo Ceramics</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">105,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,412,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Imation Corporation</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,700</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">551,855</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Core Laboratories <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">91,200</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,522,128
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
InFocus Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">79,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">764,720</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
ENSCO International</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,443</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">175,056</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px">
 <sup><a href="#page26_dagger">&#134;</a></sup>Iomega Corporation <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">209,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Global Industries <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">119,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">615,425</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
KEMET Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">90,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,232,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Hanover Compressor Company <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">175,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,951,250
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Kronos <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,775</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,535,878</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Helmerich &#038; Payne</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">156,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,368,252
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Methode Electronics Cl. A</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">611,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Hydril Company <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">598,250</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Newport Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">102,600</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,695,978</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Input/Output <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">540,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,435,851
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Perceptron <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">397,400</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,020,240</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Precision Drilling <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,419,600
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Plexus Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">252,600</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,337,142</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
TETRA Technologies <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">51,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,236,240
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Radiant Systems <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,500</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">273,325</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Tidewater</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">645,408</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Rainbow Technologies <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,900</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,091,094</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Universal Compression Holdings <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">115,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,008,400
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
REMEC <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">189,200</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,591,172</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Veritas DGC <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">123,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,289,040
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Scitex <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">245,700</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,238,328</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Willbros Group <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">242,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,916,052
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Symbol Technologies</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">233,600</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,945,504</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
TTM Technologies <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">154,500</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,607,960</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,222,170
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
<b>
Technitrol <sup><a href="#page26_a">a</a></sup></b></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">318,900</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,613,986</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Tektronix</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,054,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Oil and Gas - 2.3%</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Vishay Intertechnology <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,900</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,509,110</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Tom Brown <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">125,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,047,375
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Zebra Technologies Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">74,350</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,934,610</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px">
<sup><a href="#page26_dagger">&#134;</a></sup>Chesapeake Energy <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">82,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,113,560
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Cimarex Energy <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">138,170</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,687,757
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54,803,417</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Denbury Resources <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">174,100</font>
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,421,731
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
EOG Resources</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,000</font>
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">230,850</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
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Distribution - 1.4%</font></p></td>
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<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Husky Energy</div></font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,000</font>
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<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,543,661
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Anixter International <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">41,900</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,084,372</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
PetroCorp <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">61,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">826,444</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Arrow Electronics <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">114,700</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,654,158</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Prima Energy <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">43,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,511,880
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Avnet <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">92,355</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,000,409</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
SEACOR SMIT <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">83,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,509,505
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Insight Enterprises <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">46,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">864,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Toreador Resources <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,300</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">466,395</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Tech Data <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">134,500</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,338,305</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Vintage Petroleum</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">48,300</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">581,049</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,942,044</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">19,940,207
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Internet Software and Services - 0.9%</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Precious Metals and Mining - 1.0%</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
CNET Networks <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">155,400</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,059,828</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
AngloGold ADR <sup><a href="#page26_b">b</a>,<a href="#page26_d">d</a></sup></div></font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49,900</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,330,330
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
CryptoLogic</div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">202,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,404,002</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Glamis Gold <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">115,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,968,800
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
CyberSource Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">51,600</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
DoubleClick <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">166,700</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,703,674</font></td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="3">&#160;</td>
</tr>
<tr>
<td valign="top" align="left"><font face="Serif" size="2" color="#004585">24 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_25"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom" align="left"><br><font face="Serif" color="#004585"><b>R<small>OYCE</small>
 V<small>ALUE</small> T<small>RUST</small>, I<small>NC</small>.</b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="30%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="80%" align="right"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="60%" align="right"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
Technology (continued)</b></div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Integral Systems</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">59,800</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,286,896
</font></td>
</tr>
<tr>
<td colspan="4" valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Internet Software and Services (continued)</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
JDA Software Group <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">64,900</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,071,499
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
EarthLink <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">122,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,227,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
MRO Software <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">46,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">619,160</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
RealNetworks <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">487,634</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Macromedia <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">51,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">920,544</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px">
<sup><a href="#page26_dagger">&#134;</a></sup>Satyam Computer Services ADR <sup><a href="#page26_b">b</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">586,600</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px">
<sup><a href="#page26_dagger">&#134;</a></sup>ManTech International Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,621,750
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Stamps.com <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,300</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">361,460</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Manugistics Group <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49,200</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">307,500</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Vastera <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Novell <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,009,920
</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Progress Software <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">624,030</font>
</td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,941,798
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
SPSS <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">107,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,922,100
</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="top" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Transaction Systems Architects Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">212,300</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,804,349
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
IT Services - 6.0%</div></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
American Management Systems <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">331,900</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,001,733
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,179,009
</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Answerthink <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">655,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,635,250
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
BearingPoint <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">482,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,864,389
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Telecommunication - 1.4%</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px">
<sup><a href="#page26_dagger">&#134;</a></sup>Black Box <sup><a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,165,290
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
ADC Telecommunications <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">113,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">335,610</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
CIBER <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">606,200</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Andrew Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">345,300</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Covansys Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">251,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,767,600
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Catapult Communications <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,088,950
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
DiamondCluster International Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">137,800</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,405,560
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:14px; text-indent:-10px"><sup><a href="#page26_dagger">&#134;</a></sup>Covad Communications Group <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">213,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">766,800</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Forrester Research <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">91,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,635,105
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Globecomm Systems <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">233,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,110,075
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Gartner Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">291,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,291,210
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
IDT Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">553,750</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
CGI Group Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">106,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">666,875</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
IDT Corporation Cl. B <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">925,200</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px"><b>
Keane</b> <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">443,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,485,520
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Inet Technologies <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">780,000</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
MAXIMUS <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">107,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,202,562
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Level 3 Communications <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">388,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,213,880
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Perot Systems Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">165,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,225,548
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
PECO II <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">104,926</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
QRS Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">466,900</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Plantronics <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,799,015
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Sapient Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">944,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,288,640
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Time Warner Telecom Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">179,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,813,270
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Syntel</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">72,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,789,004
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Unisys Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">325,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,826,250
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,836,776
</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan=2 valign="bottom"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">51,323,636
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $139,099,913)</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">198,827,922
</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Semiconductors and Equipment - 4.2%</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
Utilities &#150; 0.1%</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Artisan Components <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">307,500</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Southern Union <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">193,200</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
BE Semiconductor Industries <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">492,420</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan=2 valign="bottom"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px"><b>
Cabot Microelectronics</b> <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">125,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,125,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $132,500)</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">193,200</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
CEVA <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">31,666</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">329,326</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Cognex Corporation</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">118,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,343,616
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
Miscellaneous &#150; 3.6%</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Credence Systems <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,600</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">139,496</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $25,222,259)</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,284,076
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Cymer <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">669,755</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
DSP Group <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">115,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,864,650
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
TOTAL COMMON STOCKS</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
DuPont Photomasks <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">844,900</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"> <font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">(Cost $602,959,556)</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">880,976,499
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Electroglas <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">281,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,028,205
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Exar Corporation <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69,400</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,185,352
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
PREFERRED STOCK &#150; 0.1%</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Fairchild Semiconductor Cl. A <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,200</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,653,014
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:10px; text-indent:-10px">
Aristotle Corporation 11.00% Conv.</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,800</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,720</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
GlobespanVirata <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">76,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">446,880</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Helix Technology</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,900</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">759,402</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
TOTAL PREFERRED STOCK</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Integrated Circuit Systems <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,136,750
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
(Cost $31,005)</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,720</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Intevac <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">109,050</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,538,696
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Kulicke &#038; Soffa Industries <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">105,800</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,521,404
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">PRINCIPAL</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Lattice Semiconductor <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">254,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,458,720
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">AMOUNT</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Mentor Graphics <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">225,700</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,281,678
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
National Semiconductor <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,200</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,505,462
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
CORPORATE BONDS &#150; 0.2%</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Novellus Systems <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">504,600</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:10px; text-indent:-10px">
Dixie Group 7.00%</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Semitool <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">536,050</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Conv.
 Sub. Deb. due 5/15/12</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">537,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">472,560</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Veeco Instruments <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,833,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:10px; text-indent:-10px">
Richardson Electronics 7.25%</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Conv.
 Sub. Deb. due 12/15/06</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,319,000
</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,213,480
</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,505,876
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
TOTAL CORPORATE BONDS</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px">
Software - 2.1%</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
(Cost $1,570,870)</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,686,040
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
ANSYS <sup><a href="#page26_a">a</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">397,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Aspen Technology <sup><a href="#page26_a">a</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">27,100</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">278,046</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
U.S. TREASURY OBLIGATIONS &#150; 3.2%</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Autodesk</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">106,000</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,605,480
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:10px; text-indent:-10px">
U.S.
 Treasury Notes</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
Business Objects ADR <sup><a href="#page26_a">a</a>,<a href="#page26_b">b</a>,<a href="#page26_d">d</a></sup></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,500</font>
</td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">710,735</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
5.625%,
 due 2/15/06</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000,000
</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26,942,375
</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" valign="bottom" align="left"><font face="Sans-Serif" size="2"><div style="margin-left:10px; text-indent:-10px"><b>
TOTAL U.S. TREASURY OBLIGATIONS</b></div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:20px; text-indent:-10px">
(Cost $26,849,375)</div></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26,942,375
</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellspacing="0" cellpadding="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="3">&#160;</td>
</tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small>
 R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;25</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_26"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> V<small>ALUE</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" bgcolor="#FFFCF6" width="100%">
<tr>
<td valign="bottom"><font color="#004585" face="Sans-Serif" size="2">&#160;
</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="60%" align="right"></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="50%" align="right"></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#000000" face="Sans-Serif" size="2"><b>
REPURCHASE AGREEMENT &#150; 19.0%</b></font></p></td>
<td ><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td ><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Money
 Market Funds</font></p></td>
<td ><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td ><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td ><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">State
 Street Bank &#038; Trust Company,</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">State
 Street Navigator Securities Lending</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="36%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">0.30%
 dated 12/31/03, due 1/2/04,</font></p></td>
<td width="1%"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td width="34%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Prime
 Portfolio</font></p></td>
<td width="1%"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">70,716,012
</font></td>
<td width="1%"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">maturity
 value $162,203,703 (collateralized</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">by U.S. Treasury Bonds, 0.00% due 3/25/04</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font color="#004585" face="Sans-Serif" size="2">(Cost $70,768,029)</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">70,768,029
</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">and U.S. Treasury Notes, 1.50%-1.75%</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">due
 12/31/04-7/31/05, valued at $165,454,825)</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL INVESTMENTS &#150; 134.3%</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">(Cost $162,201,000)
</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">162,201,000
</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">(Cost $864,379,835)
</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,142,610,663
</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="4" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#000000" face="Sans-Serif" size="2"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 8.3%</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
LIABILITIES LESS CASH</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">U.S.
 Treasury Bonds</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
AND OTHER ASSETS &#150; (8.4)%</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">(71,837,548
</font></td>
<td valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">10.375%-12.00%
 due 11/15/12-8/15/13</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">42,769</font>
</td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">U.S.
 Treasury Notes</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK &#150; (25.9)%</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">(220,000,000
</font></td>
<td valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">)</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">2.125%-3.875%
 due 5/31/04-7/15/12</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">5,623</font>
</td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">U.S.
 Treasury Bills</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">due
 2/5/04</font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,625</font>
</td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COMMON STOCKHOLDERS &#150; 100.0%</b></font></p></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>$</b></font>
</td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>850,773,115
</b></font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font color="#004585" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="2"><br><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td width="2%" align="left" valign="top">
<font face="Sans-Serif" size="1" color="#004585"><a name="page26_a"></a><sup>a</sup></font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1" color="#004585">Non-income producing.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page26_b"></a><sup>b</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">American Depository Receipt.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page26_c"></a><sup><sup>c</sup></sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">At December 31, 2003, the Fund owned 5% or more of the Company&#146;s outstanding voting securities thereby making the Company an Affiliated
Company as that term is defined in the Investment Company Act of 1940. The market value and cost of the affiliates at December 31, 2003 was
$18,656,762 and $15,311,408, respectively.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page26_d"></a><sup>d</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">A portion of these securities were on loan at December 31, 2003. Total market value of loaned securities at December 31, 2003 was $67,367,384.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page26_e"></a><sup>e</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">A security for which market quotations are no longer readily available represents 0.3% of net assets. This security has been valued at its fair value
under procedures established by the Fund&#146;s Board of Directors.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page26_dagger"></a><sup>&#134;</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">New additions in 2003.</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1" color="#004585"><b>Bold indicates the Fund&#146;s largest 20 equity holdings in terms of December 31, 2003 market value.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1" color="#004585"><br><b>INCOME TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes was $867,973,689. At December 31, 2003, net unrealized
appreciation for all securities was $274,636,974, consisting of aggregate gross unrealized appreciation of $317,612,471 and aggregate gross unrealized
depreciation of $42,975,497. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and
amortization of discount for book and tax purposes.</font></td>
</tr>
<tr>
<td colspan="2" align="center"><font face="Sans-Serif" size="2" color="#004585"><br><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td align="left"><font face="Serif" color="#004585" size="2"><br>26 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#004585"><b>&#160;</b></font></td>
</tr>
<tr><td colspan="3">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_27"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="4" valign="bottom" align="left"><br><font face="Serif" color="#004585"><b>R<small>OYCE</small> V<small>ALUE</small>
 T<small>RUST,</small> I<small>NC.</small></b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" color="#004585"><b>S<small>TATEMENT
 OF</small> A<small>SSETS AND</small> L<small>IABILITIES</small></b></font></td>
<td colspan="2" valign="bottom" align="right"><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>ASSETS:</b></font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="11%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Investments
 at value (cost $702,178,835) &#150; including $70,768,029 of collateral on loaned
 securities</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">980,409,663</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Repurchase
 agreement (at cost and value)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">162,201,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Cash</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">204,977</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Receivable
 for investments sold</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">763,629</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Receivable
 for dividends and interest</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,008,448</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Prepaid
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,856</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Assets</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,144,608,573</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>LIABILITIES:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Payable
 for collateral on loaned securities</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,768,029</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Payable
 for investments purchased</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,612,603</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Payable
 for investment advisory fee</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">977,568</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Preferred
 dividends accrued but not yet declared</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">288,449</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Accrued
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">188,809</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Liabilities</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,835,458</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">5.90%
 Cumulative Preferred Stock &#150; $0.001 par value, $25 liquidation value per share;
 8,800,000 shares outstanding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">220,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">220,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">850,773,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="2" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>ANALYSIS OF
 NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Common
 Stock paid-in capital &#150; $0.001 par value per share; 49,956,349 shares outstanding
 (150,000,000 shares authorized)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">577,693,079</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Accumulated
 net realized loss on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(4,862,343</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 unrealized appreciation on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">278,230,828</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Preferred
 dividends accrued but not yet declared</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(288,449</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 Assets applicable to Common Stockholders (net asset value per share &#150; $17.03)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">850,773,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="13"><hr size="2" color="#144A87" noshade></td>
</tr>
<tr>
<td colspan="4"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="center" colspan="4"><font face="Sans-Serif" size="2" color="#004585"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="4"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="4" align="right"><font face="Serif" size="2" color="#144A87">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small>
 A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;27</font></td>
</tr>
<tr>
<td colspan="4"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_28"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="4" valign="bottom" align="left"><br><font face="Serif" color="#144A87"><b>R<small>OYCE</small> V<small>ALUE</small>
 T<small>RUST,</small> I<small>NC.</small></b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="2" color="#144A87">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" color="#144A87"><b>S<small>TATEMENT
 OF</small> O<small>PERATIONS</small></b></font></td>
<td colspan="2" valign="bottom" align="right"><font face="Serif" color="#144A87"><b>Y<small>EAR</small> E<small>NDED</small>
D<small>ECEMBER</small> 31, 2003</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>INVESTMENT INCOME:</b></font></td>
<td width="23%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="10%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Income:</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Dividends</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"> 6,586,470</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Interest</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,147,303</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Securities
 lending</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">139,448</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,873,221</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Expenses:</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Investment
 advisory fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,196,974</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Stockholder
 reports</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">354,471</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Custody
 and transfer agent fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">221,988</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Administrative
 and office facilities expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">113,988</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Professional
 fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">110,794</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Directors&#146; fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">103,168</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">131,674</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,233,057</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Fees
 waived by investment advisor</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(866,667</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,366,390</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment loss</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2,493,169</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>REALIZED
 AND UNREALIZED GAIN ON INVESTMENTS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">74,989,675</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 change in unrealized appreciation on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">208,275,790</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized and unrealized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">283,265,465</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET INCREASE
 IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">280,772,296</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(12,274,332</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>NET INCREASE IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING FROM INVESTMENT OPERATIONS
</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">268,497,964</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4"><hr size="2" color="#144A87" noshade></td>
</tr>
<tr>
<td colspan="4"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td valign="bottom" align="left"><font face="Serif" color="#144A87"><b>S<small>TATEMENT
 OF</small> C<small>HANGES IN</small> N<small>ET</small> A<small>SSETS</small></b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#144A87" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">Year ended</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">Year ended</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">December
 31,</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">December
 31,</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
INVESTMENT OPERATIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment loss</font></p></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"> (2,493,169</font></td>
<td width="2%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"> (583,347</font></td>
<td width="2%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">74,989,675</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,933,497</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 change in unrealized appreciation on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">208,275,790</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(156,381,089</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 increase (decrease) in net assets resulting from investment operations</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">280,772,296</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(94,030,939</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(581,030</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(12,252,107</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(11,398,970</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Quarterly
 distributions accrued but not yet declared</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(22,225</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Preferred Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(12,274,332</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(11,980,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING
 FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">268,497,964</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(106,010,939</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2,981,664</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(61,293,595</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(58,496,049</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(61,293,595</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(61,477,713</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CAPITAL STOCK TRANSACTIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 proceeds from rights offering</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54,487,617</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Offering
 costs from issuance of Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(7,261,800</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Reinvestment
 of distributions to Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,567,306</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">39,123,307</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 capital stock transactions</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">82,793,123</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">39,123,307</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">289,997,492</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(128,365,345</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Beginning
 of year</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">560,775,623</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">689,140,968</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">End
 of year</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">850,773,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">560,775,623</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="8"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="8" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="8"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="8"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="8"><font face="Serif" size="2" color="#144A87">28 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small>
 A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr>
<td colspan="8"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_29"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="24" valign="bottom" align="left"><br><font face="Sans" color="#144A87"><b>R<small>OYCE</small> V<small>ALUE</small>
 T<small>RUST,</small> I<small>NC.</small></b></font></td>
</tr>
<tr>
<td colspan="24"><hr noshade size="1" color="#144A87"></td>
</tr>
<tr>
<td colspan="24"><font face="Serif" color="#144A87"><br><b>F<small>INANCIAL</small> H<small>IGHLIGHTS</small></b></font></td>
</tr>
<tr>
<td colspan="24"><hr noshade size="1" color="#144A87"></td>
</tr>
<tr>
<td colspan="24"><font face="Sans-Serif" size="2" color="#004585">This table is presented to show selected data for
 a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund&#146;s
 performance for the periods presented.</font></td>
</tr>
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="23" align="center"><font face="Sans-Serif" size="2" color="#004585">
Years ended December 31,</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="23"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2001</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1999</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSET VALUE, BEGINNING OF PERIOD</b></font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$13.22</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$17.31</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$16.56</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$15.77</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$15.72</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
INVESTMENT OPERATIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.05</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.18</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.26</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.64</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2.25</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.58</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.58</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.65</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 investment operations</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.59</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2.27</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.63</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.76</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.91</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.28</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.32</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Preferred Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.29</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.31</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.33</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.33</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2.56</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.32</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.43</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.55</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.15</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.44</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.44</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.35</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.51</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.49</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.48</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.37</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CAPITAL STOCK TRANSACTIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Effect
 of reinvestment of distributions by Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.00</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Effect
 of rights offering and Preferred Stock offering</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 capital stock transactions</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSET VALUE, END OF PERIOD</b></font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$17.03</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$13.22</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$17.31</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$16.56</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$15.77</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
MARKET VALUE, END OF PERIOD</b></font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$17.21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$13.25</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$15.72</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$14.438</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$13.063</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL RETURN (<a href="#page29_a">a</a>):</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Market
 Value</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">42.0</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(6.9</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20.0</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40.8</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(15.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15.2</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.49</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.72</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.61</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.43</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.39</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.34</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.56</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.45</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.25</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.15</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.21</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.35</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.47</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
SUPPLEMENTAL DATA:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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 Assets Applicable to Common Stockholders, <br>End
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$850,773</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$560,776</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$689,141</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$623,262</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$552,928</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Liquidation
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$220,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">41</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,800,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Asset
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$121.68</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$112.62</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$132.68</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$122.38</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$111.40</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Liquidation
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Average
 market value per share (<a href="#page29_d">d</a>):</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">5.90%
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.04</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">7.80%
 Cumulative</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.87</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$26.37</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.70</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$23.44</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$24.98</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">7.30%
 Tax-Advantaged Cumulative</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.53</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.82</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.37</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$22.35</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$24.24</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="24"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="1" color="#144A87"><a name="page29_a"></a>(a)</font></td>
<td><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund&#146;s net asset value is used on the purchase and sale dates instead of market value.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="1" color="#144A87"><a name="page29_b"></a>(b)</font></td>
<td><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">Expense ratios based on total average net assets including liquidation value of Preferred Stock were 1.19%, 1.38%, 1.30%, 1.12% and 1.06% for the periods ended December 31, 2003, 2002, 2001, 2000 and 1999, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="1" color="#144A87"><a name="page29_c"></a>(c)</font></td>
<td><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="1" color="#144A87">Expense ratios based on average net assets applicable to Common Stockholders before waiver of fees by the investment adviser would have been 1.62%, 1.82%, 1.65%, 1.51% and 1.48% for the periods ended December 31, 2003, 2002, 2001, 2000 and 1999, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="1" color="#144A87"><a name="page29_d"></a>(d)</font></td>
<td><font face="Sans-Serif" size="1" color="#144A87">&#160;</font></td>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#144A87">The average of month-end market values during the period that the preferred stock was outstanding.</font></td>
</tr>
<tr>
<td valign="top" colspan="3" align="right"><font face="Serif" size="2" color="#144A87">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small>
 A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;29</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_30"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="top"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> V<small>ALUE</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS</small></b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="3"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Summary of Significant Accounting Policies:</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;Royce Value Trust, Inc. (&#147;the Fund&#148;) was incorporated under the laws of the State of Maryland on July 1, 1986 as a diversified closed-end investment company. The Fund commenced operations on November 26, 1986.<br>&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of
 the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.<br><br><font color="#004585"><b>Valuation of Investments:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the
valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund&#146;s Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services.<br><br><font color="#004585"><b>Investment Transactions and Related Investment Income:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and any
non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.<br><br><font color="#004585"><b>Expenses:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&#146;s operations, while expenses applicable to more than one of the Royce Funds are allocated in an equitable manner.
 Allocated personnel and occupancy costs related to The Royce Funds are included in administrative and office facilities expenses. The Fund has adopted a deferred fee agreement that allows the Fund&#146;s Directors to defer the receipt of all or a portion of Directors&#146; Fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.<br><br><font color="#004585"><b>Taxes:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to
income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments
includes information regarding income taxes under the caption &#147;Income Tax Information&#148;.<br><br><font color="#004585"><b>Distributions:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;The Fund currently has a policy of paying quarterly distributions on the Fund&#146;s Common Stock. Distributions are currently being
made at the annual rate of 9% of the rolling average of the prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock,
with the fourth quarter distribution being the greater of 2.25% of the rolling average or the distribution required by IRS
regulations. Distributions to Preferred Stockholders are recorded on an accrual basis and paid quarterly. The Fund is required to
allocate long-term capital gain distributions and other types of income proportionately to distributions made to holders of shares
of Common Stock and Preferred Stock. To the extent that distributions are not paid from long-term capital gains, net investment
income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with
income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent
book and tax basis differences relating to stockholder distributions will result in reclassifications within the capital accounts.
Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent
period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.<br><br><font color="#004585"><b>Repurchase Agreements:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;The Fund enters into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust
Company (&#147;SSB&#038;T&#148;), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven
days. Securities pledged as collateral for repurchase agreements, which are held by SSB&#038;T until maturity of the repurchase
agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase
agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency
of SSB&#038;T, including possible delays or restrictions upon the ability of the Fund to dispose of the underlying securities.<br><br><font color="#004585"><b>Securities Lending:</b></font><br>&#160;&#160;&#160;&#160;&#160;&#160;The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all
securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian. The collateral is equal to at least
100% of the current market value of the loaned securities.</font></div></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>30 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_31"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="top"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> V<small>ALUE</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS</small> (<small>CONTINUED</small>)</b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Capital Stock:</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;The Fund issued 2,448,904 and 2,615,641 shares of Common Stock as reinvestment of distributions by Common Stockholders for the years ended December 31, 2003 and 2002, respectively.<br>&#160;&#160;&#160;&#160;&#160;&#160;On March 10, 2003, the Fund completed a rights offering of Common Stock to its stockholders at the rate of one common share
for each 10 rights held by stockholders of record on January 28, 2003. The rights offering was fully subscribed, resulting in the
issuance of 5,090,083 common shares at a price of $10.77, and proceeds of $54,820,194 to the Fund prior to the deduction of
estimated expenses of $332,577. The net asset value per share of the Fund&#146;s Common Stock was reduced by approximately $0.07
per share as a result of the issuance.<br>&#160;&#160;&#160;&#160;&#160;&#160;On October 10, 2003, the Fund redeemed all (2,400,000 shares) of its then outstanding 7.80% Cumulative Preferred Stock at
the redemption price of $25.00 per share plus accumulated and unpaid dividends through the redemption date of $0.0975 per
share, and all (4,000,000 shares) of its outstanding 7.30% Tax-Advantaged Cumulative Preferred Stock at the redemption price of
$25.00 per share plus accumulated and unpaid dividends through the redemption date of $0.09125 per share. On October 9, 2003,
the Fund received net proceeds of $213,070,000 (after underwriting discounts of $6,930,000 and before estimated offering
expenses of $331,800) from the public offering of 8,800,000 shares of 5.90% Cumulative Preferred Stock. Commencing October
9, 2008 and thereafter, the Fund, at its option, may redeem the 5.90% Cumulative Preferred Stock, in whole or in part, at the
redemption price.<br>&#160;&#160;&#160;&#160;&#160;&#160;At December 31, 2003, 8,800,000 shares of the 5.90% Cumulative Preferred Stock were outstanding. The Fund is required to
meet certain asset coverage tests with respect to the Cumulative Preferred Stock as required by the 1940 Act. In addition,
pursuant to the Rating Agency Guidelines established by Moody&#146;s, the Fund is required to maintain a certain discounted asset
coverage. If the Fund fails to meet these requirements and does not correct such failure, the Fund may be required to redeem, in
part or in full, the Cumulative Preferred Stock at a redemption price of $25.00 per share plus an amount equal to the accumulated
and unpaid dividends, whether or not declared on such shares, in order to meet these requirements. Additionally, failure to meet
the foregoing asset coverage requirements could restrict the Fund&#146;s ability to pay dividends to Common Stockholders and could
lead to sales of portfolio securities at inopportune times. The Fund has met these requirements since issuing the Preferred Stock.<br>&#160;&#160;&#160;&#160;&#160;&#160;Under Emerging Issues Task Force (EITF) Topic D-98, Classification and Measurement of Redeemable Securities, preferred
securities that are redeemable for cash or other assets are to be classified outside of permanent equity to the extent that the
redemption is at a fixed or determinable price and at the option of the holder or upon the occurrence of an event that is not
solely within the control of the issuer. Subject to the guidance of the EITF, the Fund&#146;s Cumulative Preferred Stock has been
reclassified outside of permanent equity (net assets applicable to Common Stockholders) in the accompanying financial
statements.</font></div></td>
</tr>
<tr>
<td colspan="2"><br><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Investment Advisory Agreement:</b></font></div></td>
</tr>
<tr>
<td>&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;As compensation for its services under the Investment Advisory Agreement, Royce &#038; Associates, LLC (&#147;Royce&#148;) receives a fee
comprised of a Basic Fee (&#147;Basic Fee&#148;) and an adjustment to the Basic Fee based on the investment performance of the Fund in
relation to the investment record of the S&#038;P 600 SmallCap Index (&#147;S&#038;P 600&#148;).<br>&#160;&#160;&#160;&#160;&#160;&#160; The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&#146;s month-end net
assets applicable to Common Stockholders plus the liquidation value of Preferred Stock for the rolling 60-month period ending
with such month. The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point
that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the
S&#038;P 600 for the performance period by more than two percentage points. The maximum increase or decrease in the Basic Fee for
any month may not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance
is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record
of the S&#038;P 600 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for
performance is 1/12 of .5% and is payable if the percentage change in the investment record of the S&#038;P 600 exceeds the
investment performance of the Fund by 12 or more percentage points for the performance period.<br>&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of
the Fund for the rolling 36-month period ending with such month is negative. In the event that the Fund&#146;s investment
performance for such a performance period is less than zero, Royce will not be required to refund to the Fund any fee earned in
respect of any prior performance period.<br>&#160;&#160;&#160;&#160;&#160;&#160;Royce has voluntarily committed to waive the portion of its investment advisory fee attributable to an issue of the Fund&#146;s
Preferred Stock for any month in which the Fund&#146;s average annual NAV total return since issuance of the Preferred Stock fails to
exceed the applicable Preferred Stock dividend rate.<br>&#160;&#160;&#160;&#160;&#160;&#160;For the year ended December 31, 2003 the Fund accrued and paid Royce advisory fees totaling $9,330,307, which is net of
$866,667 voluntarily waived by Royce.</font></div></td>
</tr>
</TABLE>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td align="right" bgcolor="#fffcf6"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;31</font></td></tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_32"></a>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> V<small>ALUE</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS (CONTINUED)</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="6"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="6"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585"><b>Distributions to Stockholders:</b></font></div></td>
</tr>
<tr>
<td colspan="6"><div style="margin-left:30px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">The tax character of distributions paid to stockholders during 2003 and 2002 was as follows:</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="62%" colspan="6" align="right"><hr noshade size="2" color="#004585" width="92%"></td>
<td rowspan="9"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Distributions paid from:</font></div></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:54px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Ordinary income</font></div></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,416,811</font></td>
<td width="8%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,028,029</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:54px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Long-term capital gain</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">72,128,891</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">67,429,684</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,545,702</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,457,713</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="2" color="#004585"></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="2" color="#004585"></td>
</tr>
<tr>
<td colspan="6"><hr noshade size="2" color="#004585" width="92%" align="right"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="6"><div align="justify" style="margin-left:30px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">As of December 31, 2003, the tax basis components of distributable earnings included in stockholders&#146; equity were as follows:</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="3" align="right"><hr noshade size="2" color="#004585" width="90%"></td>
<td colspan="3"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="40%" rowspan="10"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td width="36%" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Post October loss</font></div></td>
<td width="1%" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" align="right"><font face="Sans-Serif" size="2" color="#004585">(2,394,565</font></td>
<td width="2%" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="10%" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Undistributed long-term capital gain</font></div></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,126,076</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Unrealized appreciation</font></div></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">274,636,974</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Accrued preferred distributions</font></div></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(288,449</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="right"><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">273,080,036</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="right"><hr size="2" noshade color="#004585"></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td colspan="3" align="right"><hr noshade size="2" color="#004585" width="90%"></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td valign="bottom" align="left"><div align="justify" style="margin-left:12px; text-indent:25px"><font face="Sans-Serif" size="2" color="#004585">Under current tax law, capital losses realized after October 31 and prior to the Fund&#146;s fiscal year end may be deferred, as occuring on the first day of the following fiscal year.</font></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify" style="margin-left:12px; text-indent:25px"><font face="Sans-Serif" size="2" color="#004585">For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book / tax differences. For the year ended December 31, 2003, the Fund recorded the following permanent reclassifications, which relate primarily to the current net operating losses. Results of operations and net assets were not affected by these reclassifications.</font></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="31%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Undistributed</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Accumulated</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="31%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Net Investment</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Net Realized</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Paid-in</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Income</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Capital</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr noshade size="1" color="#004585" width="80%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#000000">&#160;</font></td>
<td colspan="3" align="center"><hr noshade size="1" color="#004585" width="90%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#000000">&#160;</font></td>
<td colspan="3" align="center"><hr noshade size="1" color="#004585" width="85%"></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td align="right" width="2%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">2,493,169</font></td>
<td align="left" width="2%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left" width="2%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="right" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td align="right" width="4%"><font face="Sans-Serif" size="2" color="#004585">(2,493,169</font></td>
<td align="left" width="1%"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td width="2%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td align="right" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td colspan="13"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:10px; text-indent:-10px"><b>Purchases and Sales of Investment Securities:</b></div></font></td>
</tr>
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585"><div align="justify" style="margin-left:12px; text-indent:25px">For the year ended December 31, 2003, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $183,043,350 and $265,871,410,
 respectively.</div></font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-left:0px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585"><b><br>Transactions in Shares of Affiliated Companies:</b></font></div></td>
</tr>
<tr>
<td valign="bottom"><div align="justify" style="margin-left:12px; text-indent:25px"><font face="Sans-Serif" size="2" color="#004585">An &#147;Affiliated Company&#148;, as defined in the Investment Company Act of 1940, is a company in which a Fund owns 5% or more of the company&#146;s outstanding voting securities. The Fund effected the following transactions in shares of such companies during the year ended December 31, 2003:</font></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr><td colspan="26" valign="bottom"><hr noshade size="3" color="#004585"></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1">Affiliated Company</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Market Value<br>12/31/02</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Purchases</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Sales</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Realized and<br>Unrealized Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Dividend Income</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Market Value<br>12/31/03</font></td>
</tr>
<tr>
<td align="left"><hr size="1" align="center" noshade color="#004585" width="55%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585" width="85%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585" width="70%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585" width="50%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585" width="90%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585" width="85%"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Ascent Media
 Group Cl. A</font></td>
<td align="left" width="4%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">426,608</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,224,840</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="8%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">78,658</font></td>
<td width="5%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">CompX International</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,531,550</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">554,530</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,086,080</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Falcon Products</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,526,850</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,635,894</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">291,955</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">312,941</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,351,040</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">MGP Ingredients</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,505,360</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">842,029</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,225,433</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">48,180</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,572,822</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Peerless Mfg.</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,316,380</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">729,560</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,045,940</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><div style="margin-left:10px; text-indent:-10px">Richardson Electronics<br>7.25% Conv. due 12/15/06</div></font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,055,200</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">158,280</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,213,480</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Synalloy Corporation</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,797,450</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">589,950</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,387,400</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr><td colspan="26" valign="bottom"><hr noshade size="3" color="#004585"></td></tr>
</table>
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<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>32 |&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td>
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<td valign="top"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> V<small>ALUE</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
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<td><font face="Serif" color="#004585"><br><b>R<small>EPORT OF</small> I<small>NDEPENDENT</small> A<small>UDITORS</small></b></font><hr size="1" noshade color="#004585"></td></tr>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>To the Board of Directors and Stockholders of Royce Value Trust, Inc.
</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;We have audited the accompanying statement of assets and liabilities of Royce Value Trust, Inc., including the schedule of
investments, as of December 31, 2003, and the related statement of operations for the year then ended, and the statement of
changes in net assets for the two years in the period then ended and the financial highlights for each of the five years in the period
then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility
is to express an opinion on these financial statements and financial highlights based on our audits.<br>&#160;&#160;&#160;&#160;&#160;&#160;We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of
December 31, 2003, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe
that our audit provides a reasonable basis for our opinion.<br>&#160;&#160;&#160;&#160;&#160;&#160;
In our opinion, the financial statements and financial highlights referred to above and audited by us present fairly, in all material
respects, the financial position of Royce Value Trust, Inc. at December 31, 2003, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five
years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.<br><BR>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;TAIT, WELLER &#038; BAKER
<BR><BR><BR><BR><BR><BR>
Philadelphia, PA<BR>
January 24, 2004</font></div></td>
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<td align="right" bgcolor="#fffcf6"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;33</font></td></tr>
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<td colspan="3">&#160;</td>
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<a name="page_34"></a>
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<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
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<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>COMMON
 STOCKS &#150; 102.4%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><hr size="1" color="#000000" noshade width="70%"></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Consumer Products &#150; 9.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Restaurants/Lodgings - 0.2%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Apparel and Shoes - 2.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Angelo
 and Maxie&#146;s <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,333</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">4,733</font></td>
</tr>
<tr>
<td width="28%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Ashworth
 <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">322,800</font></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="28%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Benihana
 Cl. A <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">34,770</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">446,794</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
Delta Apparel</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">146,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,609,165</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>BUCA <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">204,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"> <sup><a href="#page38_dagger">&#134;</a></sup>Innovo Group <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">90,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">286,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Kleinert&#146;s <sup><a href="#page38_a">a</a>,<a href="#page38_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">14,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">0</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">655,827</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Marisa
 Christina <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">76,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">122,560</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Oshkosh
 B&#146;Gosh Cl. A <sup><a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">37,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">794,020</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Retail Stores - 4.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Skechers U.S.A. Cl. A <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">47,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">383,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Brookstone
 <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">34,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">735,195</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Vans
 <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">228,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Buckle
 (The)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">36,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">808,475</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>Weyco Group</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,018,940</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Cato
 Corporation Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">58,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,189,000</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Deb
 Shops</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">19,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">427,850</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">6,764,935</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Dress
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">53,660</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">804,363</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
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<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>FTD Cl. A <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">246,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Collectibles - 1.0%</font></p></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Footstar <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">97,000</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">371,510</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">The
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">227,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">967,725</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">InterTAN
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">49,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">503,976</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Enesco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">52,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">540,768</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">99,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">977,858</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Topps
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">101,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,036,260</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">285,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,350,048</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">United
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">60,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">179,376</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,544,753</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Wet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">157,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,552,730</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,146,781</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">193,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,509,000</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Green Mountain Coffee Roasters <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">28,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">658,372</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Monterey
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">79,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">294,670</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">7,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">176,175</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">6,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">76,250</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,462,042</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">80,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">239,890</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">12,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">307,692</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Rent-Way <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">81,000</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">663,390</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">26,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">433,950</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">150,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">660,000</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,463,397</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Lifetime
 Hoan <sup><a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">109,854</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,856,533</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Stanley
 Furniture Company <sup><a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">78,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font color="#004585" face="Sans-Serif" size="2">(Cost $9,437,883)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">12,977,275</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,029,233</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Diversified Investment Companies &#150; 0.4%</b></font></p></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Closed-End Mutual Funds - 0.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Publishing - 0.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Central
 Fund of Canada Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">197,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,034,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Information
 Holdings <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">884,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font color="#004585" face="Sans-Serif" size="2">(Cost $856,524)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,034,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Sports and Recreation - 1.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Johnson
 Outdoors Cl. A <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">33,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">504,101</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Financial Intermediaries &#150; 6.1%</b></font></p></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Monaco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">75,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,806,420</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Banking - 1.6%</font></p></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">National
 R.V. Holdings <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">31,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">316,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">First
 Midwest Financial</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">64,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,399,680</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"> <sup><a href="#page38_dagger">&#134;</a></sup>First National Lincoln</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">13,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">668,633</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,626,931</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Lakeland Financial</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">22,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">794,700</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Pacific Mercantile Bancorp <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">145,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Other Consumer Products - 1.3%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Queen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">948</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">475,896</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Concord
 Camera <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">277,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Sterling
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">18,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">517,275</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Cross
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">667,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">25,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">382,464</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">4,001,234</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">JAKKS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">460,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Lazare
 Kaplan International <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">151,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,054,315</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Insurance - 4.5%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Water
 Pik Technologies <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">46,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">570,555</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Argonaut
 Group <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">30,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">480,186</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Ceres
 Group <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">50,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">293,752</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,412,434</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Independence
 Holding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">18,630</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">442,463</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">NYMAGIC</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">67,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,861,818</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font color="#004585" face="Sans-Serif" size="2">(Cost $14,988,862)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">22,724,328</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Navigators
 Group <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">37,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,148,364</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>PICO
 Holdings</b> <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">145,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,273,717</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Consumer Services &#150; 5.1%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">PMA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">80,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">409,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Direct Marketing - 0.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">PXRE
 Group</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">73,164</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,724,475</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">ValueVision
 Media Cl. A <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">83,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">ProAssurance
 Corporation <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">48,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,568,920</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Wellington
 Underwriting</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">444,712</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">615,221</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Leisure/Entertainment - 0.2%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Zenith
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">19,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">621,705</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">IMAX
 Corporation <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">197,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Singing Machine Company (The) <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">118,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">282,020</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">11,440,221</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">TiVo
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">148,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $10,718,653)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">15,441,455</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">627,770</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td colspan="3">&#160;</td>
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<td valign="top" align="left"><font face="Serif" size="2" color="#004585">34 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="right"><font face="Sans-Serif" size="1" color="#004585"><b>&#160;</b></font></td>
</tr>
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<td colspan="3">&#160;</td>
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<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_35"></a>
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<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO-</small>C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" bgcolor="#FFFCF6">
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Financial Services &#150; 1.0%</b></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Exactech <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">63,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">929,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Insurance Brokers - 0.4%</font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Interpore
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">22,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">293,800</font></td>
</tr>
<tr>
<td width="28%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Clark <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">20,900</font>
</td>
<td width="3%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font color="#004585" face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">402,116</font>
</td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="28%" valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Medical Action Industries <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">43,500</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">813,885</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">CorVel
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">18,750</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">705,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Molecular Devices <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">25,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">484,245</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">NMT Medical <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">44,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">198,000</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,107,116
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Orthofix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">29,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,444,910</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Osteotech <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">22,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">194,480</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other Financial Services - 0.6%</font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">PLC Systems <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">105,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">122,032</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">MicroFinancial <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">29,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Utah Medical Products <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">42,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,096,416</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">PRG-Schultz
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">305,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,494,500
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">7,675,748</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,523,500
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font color="#004585" face="Sans-Serif" size="2">(Cost $18,685,321)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">28,155,060</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font color="#004585" face="Sans-Serif" size="2">(Cost $2,163,397)</font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,630,616
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Industrial Products &#150; 14.8%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Health &#150; 11.1%</b></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Automotive - 0.6%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Spartan
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">40,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">412,080</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">BioReliance Corporation <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">35,300</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,688,046
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Wescast
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">37,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,118,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Bruker BioSciences <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">200,300</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">911,365</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">First Consulting Group <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">254,700</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,433,961
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,530,130</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">ICON
 ADR <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">800</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">34,880</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">PAREXEL
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">121,400</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,973,964
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="4" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Building Systems and Components - 2.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">The
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">181,500</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,170,675
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Drew Industries <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">417,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>
Young Innovations</b></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">61,450</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,212,200
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>
Juno Lighting <a href="#page38_a"> <sup>a</sup></a></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">121,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,736,000</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">LSI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">67,812</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">915,462</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">9,425,091
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Skyline
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">32,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,119,327</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Drugs and Biotech - 1.9%</font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">5,187,789</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Antigenics
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">60,800</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">688,256</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Arena
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">14,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">86,800</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">BioSource International <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">177,900</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,204,383
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Ash
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">8,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">944,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">DUSA Pharmaceuticals <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">20,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">101,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Florida
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,371,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Emisphere
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">187,200</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,025,856
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Monarch
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">50,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">958,294</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Geron
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">6,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">59,820</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Synalloy Corporation <a href="#page38_a"> <sup>a</sup></a></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">171,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,183,320</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Myriad
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">55,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">707,300</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Nabi Biopharmaceuticals <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">5,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">63,550</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">4,456,864</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Sangamo
 BioSciences <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">55,400</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">VIVUS <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">167,200</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">633,688</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Industrial Components - 2.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Aaon <a href="#page38_a"> <sup>a</sup></a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">47,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">921,975</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">4,626,053
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Bel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">52,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,572,740</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Penn
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">56,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,077,098</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Penn
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">30,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">520,520</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">ATC
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">35,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">21,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup> <a href="#page38_dagger">&#134;</a></sup>Planar Systems <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">243,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">aaiPharma <sup> <a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">31,600</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">793,792</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Powell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">85,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,643,070</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Covalent
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">25,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">63,775</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Scientific
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">49,776</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">MIM
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">68,100</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">478,743</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Tech/Ops
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">76,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">417,576</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">MedCath
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">18,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">188,280</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">II-VI <a href="#page38_a"> <sup>a</sup></a></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">258,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Quovadx <a href="#page38_a"> <sup>a</sup></a></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">65,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">318,500</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Woodhead
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">169,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">RehabCare
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">25,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">531,500</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">SFBC
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">265,600</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">6,872,955</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Sierra
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">40,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,098,000
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Superior
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">41,300</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Astec
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">40,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">493,254</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,800,490
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">5,000</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">111,500</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Hurco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">16,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">86,135</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">LeCroy
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">14,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">252,140</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup> <a href="#page38_dagger">&#134;</a></sup>Compex Technologies <sup> <a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">47,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">392,920</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Lindsay
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">252,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Helen
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">20,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">463,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">MTS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">192,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Lifeline
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">18,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">342,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Mueller
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">13,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">542,041</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Ocular
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">49,800</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,429,758
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,929,870</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,627,678
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"> <sup><a href="#page38_dagger">&#134;</a></sup>Mod-Pac Corporation <sup> <a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">23,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">185,368</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Aksys <sup> <a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">76,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">671,080</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Allied
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">258,400</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">994,840</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Cantel
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">21,000</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">339,990</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2"><b>
Denison International ADR <sup> <a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">113,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">2,712,650</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">CONMED
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<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,900</font>
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">92,820</font>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="Sans-Serif" size="2">Sun
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">152,550</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">1,096,835</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font color="#004585" face="Sans-Serif" size="2">3,809,485</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td align="left" valign="bottom"><font color="#004585" face="Sans-Serif" size="1"><b>&#160;</b></font></td>
<td align="right" valign="bottom"><div style="margin-left:20px; text-indent:-10px"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;35</font></div>
</td>
</tr>
<tr><td colspan="2">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_36"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
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<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO-</small>C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;
</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Industrial
 Products (continued)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" size="2">Engineering
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" size="2">Specialty Chemicals and Materials - 2.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup>
&#134;</sup>Comfort
 Systems USA <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">122,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">669,656</font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="33%"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Aceto</b></font></div></td>
<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">87,631</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">2,238,096</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" width="30%"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Devcon
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<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">21,700</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="6%"><font face="Sans-Serif" size="2" color="#004585">151,900</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">American
 Pacific</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">345,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Insituform
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,155,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Balchem
 Corporation</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">228,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Keith
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">136,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">CFC
 International <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">144,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">766,910</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Eastern
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54,627</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">854,366</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,112,756</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Hawkins</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">122,667</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,712,431</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td></tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">NuCo2 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">253,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Food/Tobacco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Park
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">264,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Galaxy
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">108,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">272,335</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">ML
 Macadamia Orchards LP Cl. A</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">120,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">438,730</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,663,703</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,343,750</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
Seneca Foods Cl. B</b> <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">42,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">935,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" size="2">Steel/Metal
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Encore
 Wire <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">177,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,989,815</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Metals
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">604,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">NN</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">112,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,413,857</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Universal
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">83,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Central
 Steel &#038; Wire</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">474,000</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Elamex
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">175,500</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,278,317</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Lawson
 Products</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">537,516</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Strategic
 Distribution</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">59,690</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">836,257</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Textiles -
 0.1%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Fab
 Industries <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">56,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">296,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,023,273</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Industrial
 Products - 1.7%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Printing -
 1.1%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>BHA
 Group Holdings</b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,915</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,437,412</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Bowne
 &#038; Co.</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">901,740</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Maxwell
 Technologies <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">108,630</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Ennis
 Business Forms <sup><a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">171,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Myers
 Industries</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">29,342</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">355,625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">New
 England Business Service</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">955,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Peerless
 Mfg. <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">43,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">557,280</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Schawk
 Cl. A</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">56,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">772,821</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Quixote
 Corporation</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">878,760</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,801,721</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,337,707</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" size="2">Transportation
 and Logistics - 2.1%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $23,301,321)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">37,548,288</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">AirNet
 Systems <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">196,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">738,920</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Forward
 Air <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">43,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,204,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Industrial
 Services &#150; 14.1%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Frozen
 Food Express Industries <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">213,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,417,640</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Advertising/Publishing
 - 0.8%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Hub
 Group Cl. A <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">140,010</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>FindWhat.com <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">187,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Knight
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,925</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">998,426</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Modem
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">141,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,153,604</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Patriot
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">937,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>NetRatings
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">571,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,436,696</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,912,604</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Industrial
 Services - 0.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Commercial
 Services - 6.7%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Landauer</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">868,614</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>APAC
 Customer Services <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">139,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">363,740</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Team
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">569,430</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Administaff
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">173,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">American
 Bank Note Holographics <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">267,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">408,816</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,438,044</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Bennett
 Environmental <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">206,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Butler
 International <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,135</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $22,497,759)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,643,977</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Carlisle
 Holdings</b> <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">390,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,398,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Edgewater
 Technology <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">18,339</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">89,128</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Natural
 Resources &#150; 9.1%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Exponent
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">67,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,453,060</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Energy
 Services - 3.4%</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>iGATE
 Corporation</b> <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">299,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,352,645</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Carbo
 Ceramics</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,722,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Innodata
 Isogen <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">125,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">500,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Core
 Laboratories <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">400,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Kforce
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">513,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Dril-Quip
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,083,950</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Manufacturers
 Services <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">139,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">845,120</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">GulfMark
 Offshore <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">968,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">NCO
 Group <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">455,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Input/Output
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">168,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">759,935</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">NIC
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">215,204</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Lufkin
 Industries</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">34,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,001,892</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">New
 Horizons Worldwide <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">141,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">802,149</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">NATCO
 Group Cl. A <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">762,036</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Pegasystems
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">165,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,426,610</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Valley
 National Gases <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">210,700</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Pemstar
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">317,485</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Veritas
 DGC <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">978,832</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">RemedyTemp
 Cl. A <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">98,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,071,362</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Willbros
 Group <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">671,918</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">TRC
 Companies <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">17,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">366,444</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Volt
 Information Sciences <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">827,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,560,623</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Wackenhut
 Corrections <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,235,760</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Westaff
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">362,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">848,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Oil and Gas
 - 3.1%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Bonavista
 Energy Trust</b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">142,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,306,326</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,929,068</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Contango
 Oil &#038; Gas Company <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">349,500</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Denbury
 Resources <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,026,558</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Evergreen
 Resources <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,137,850</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Nuvista
 Energy <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">121,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">744,342</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>36 |&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_37"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO-</small>C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td width="33%" valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;
</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES
</font></td>
<td width="1%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE
</font></td>
<td width="2%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="33%" valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Natural
 Resources (continued)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Jaco
 Electronics <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">261,820</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Oil and Gas (continued)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Nu
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">392,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">PetroCorp
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">104,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,402,532</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Pomeroy
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">486,420</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Prima
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">738,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">206,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,539,114</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Toreador
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">139,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,905,674</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,844,968</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Internet Software
 and Services - 0.8%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Precious Metals
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Keynote
 Systems <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">59,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Apex
 Silver Mines <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">79,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,663,640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Lionbridge
 Technologies <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">37,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">360,375</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Brush
 Engineered Materials <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">237,305</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup>
<a href="#page38_dagger">&#134;</a></sup>LookSmart
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">31,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">MK
 Gold <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">603,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">917,624</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Overstock.com
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">14,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">287,970</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">RealNetworks
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">65,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">375,147</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,818,569</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Register.com
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">41,857</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">219,749</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Stamps.com
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">111,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">688,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Real Estate
 - 1.5%</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">HomeFed
 Corporation <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69,352</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,011,208</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,021,941</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Liberte
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">247,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,748,762</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Stratus
 Properties <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">110,220</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">IT Services
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">CIBER
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">205,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,775,300</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,870,190</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Computer
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">341,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,326,879</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
Covansys Corporation <a href="#page38_a"><sup>a</sup></a></b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">265,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,920,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $11,038,470)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">23,094,350</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">DiamondCluster
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">168,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,714,620</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">DynTek
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">199,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">143,280</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Technology
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Forrester
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">105,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,885,285</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aerospace/Defense
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
Sapient Corporation <a href="#page38_a"><sup>a</sup></a></b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">685,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,836,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Astronics
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">83,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">419,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">SCB
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">103,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">56,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">666,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Syntel</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">56,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,403,528</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
Ducommun <a href="#page38_a"><sup>a</sup></a></b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">99,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,223,825</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Technology
 Solutions <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">62,550</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Fairchild Corporation (The) Cl. A <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">289,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Tier
 Technologies Cl. B <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">273,695</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">HEICO
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,212,120</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Tyler
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">144,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Herley
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">81,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,676,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Kaman
 Corporation Cl. A</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">286,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,589,087</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">MAIR
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">51,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">375,648</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">SIFCO
 Industries <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">191,902</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Semiconductors
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">August
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">37,100</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,341,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Exar
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,169,980</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">FSI
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">34,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">254,610</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Components
 and Systems - 5.3%</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Helix
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">195,510</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Advanced
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">371,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">772,512</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Inficon
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">86,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Bonso Electronics International<sup><a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">410,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Intevac
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">72,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,022,269</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">CSP
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">132,581</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">816,699</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">PDF
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">447,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Cable
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">269,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Photronics
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">29,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">592,620</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Del
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">168,279</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">336,558</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Semitool
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">273,386</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
Excel Technology <a href="#page38_a"><sup>a</sup></a></b></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">97,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,216,994</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Xicor
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">396,900</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Intrusion
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">44,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Kronos
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">17,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">688,224</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,475,875</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Lantronix
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">219,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">256,815</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">MOCON</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">183,060</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Software -
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>Mobility Electronics <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,941</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Aladdin
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">77,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">690,289</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Newport
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">743,850</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">ANSYS
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">611,380</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">OSI
 Systems <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">422,620</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Applix
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">70,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Performance
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">651,938</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">ILOG
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">430,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Plexus
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">420,665</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Indus
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">169,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">509,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Printronix
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">614,565</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Integral
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,254,616</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Rainbow
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">31,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">354,690</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">JDA
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">59,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">982,345</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">REMEC
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">172,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,450,725</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">MSC.Software
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">58,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">554,715</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Spectrum
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">99,513</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">121,142</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,278,048</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">TransAct
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">68,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,650,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page38_dagger">&#134;</a></sup>SCO Group (The) <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">23,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">399,500</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">SPSS
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">91,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,643,172</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,412,759</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">140,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,170,463</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Verity
 <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">95,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,585,550</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 - 1.9%</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Agilysys</font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">90,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,003,500</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,180,578</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Bell
 Industries <a href="#page38_a"><sup>a</sup></a></font></div></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">222,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td align="left" valign="bottom"><font color="#004585" face="Sans-Serif" size="1"><b>&#160;</b></font></td>
<td align="right" valign="bottom"><div style="margin-left:20px; text-indent:-10px"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;37</font></div>
</td>
</tr>
<tr><td colspan="2">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_38"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO-</small>C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" bgcolor="#FFFCF6" width="100%">
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">PRINCIPAL
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">AMOUNT&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="60%" align="right"></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="60%" align="right"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Technology (continued)</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
U.S. TREASURY OBLIGATIONS &#150; 2.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Telecommunication - 2.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">U.S.
 Treasury Notes</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="31%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Anaren
<a href="#page38_a"><sup>a</sup></a></font></p></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">95,500</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,348,460</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="25%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">1.875%,
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<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$5,000,000</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,028,320</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Brooktrout
<a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">357,272</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">C-COR.net
<a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,650</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL U.S. TREASURY OBLIGATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Captaris
<a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">281,000</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">(Cost $5,006,482)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,028,320</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Centillium
 Communications <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">309,650</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Computer
 Network Technology <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">190,800</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Giga-tronics
<a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,400</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
REPURCHASE AGREEMENT &#150; 23.9%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">ITXC
 Corporation <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">36,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">155,520</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td rowspan="6" valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">State Street Bank &#038; Trust Company, 0.30% dated 12/31/03, due 1/2/04, maturity value $60,601,010 (collateralized by U.S. Treasury Notes, 1.625%-2.125% due 8/31/04-3/31/05, valued at $61,823,172) (Cost $60,600,000)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Interland
 <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,325</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">MetaSolv
 <sup><a href="#page38_a">a</a>,<a href="#page38_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">44,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">107,163</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Optical
 Communication Products Cl. A <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">45,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">166,500</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">PC-Tel
 <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">31,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">329,971</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Radyne
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">178,069</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">SpectraLink
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,092,690</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Tollgrade
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">350,600</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 8.4%</b></font></p></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">ViaSat
<a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">98,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,879,548</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">U.S.
 Treasury Bonds</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">5.50%-14.00%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">82,914</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,825,618</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">U.S.
 Treasury Notes</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">3.00%-6.625%
 due 2/29/04-7/15/12</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">110,738</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $39,558,379)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">67,753,352</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">U.S.
 Treasury Strip-Principal</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">9.125%
 due 5/15/18</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">22,810</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Miscellaneous &#150; 5.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Money
 Market Funds</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $11,773,456)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,553,169</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">State
 Street Navigator Securities Lending</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Prime
 Portfolio</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,960,303</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL COMMON STOCKS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">(Cost $165,020,025)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">259,556,120</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $21,176,765)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,176,765</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCKS &#150; 0.5%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL INVESTMENTS &#150; 137.2%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">Angelo
 and Maxie&#146;s 10.00% Conv.</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,991</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">17,827</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">(Cost $252,761,270)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">347,759,017</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td height="20" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585"><b>Seneca
 Foods Conv.</b> <a href="#page38_a"><sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,409</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,379,985</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>LIABILITIES LESS CASH
AND OTHER ASSETS &#150; (13.5)%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(34,333,965</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL PREFERRED STOCKS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">(Cost $957,998)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,397,812</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK &#150; (23.7)%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(60,000,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COMMON STOCKHOLDERS &#150; 100.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#000000"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#000000"><b>253,425,052</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="2"><br><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td width="2%" align="left" valign="top">
<font face="Sans-Serif" size="1" color="#004585"><a name="page38_a"></a><sup>a</sup></font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1" color="#004585">Non-income producing.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page38_b"></a><sup>b</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">American Depository Receipt.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page38_c"></a><sup><sup>c</sup></sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">A portion of these securities were on loan at December 31, 2003. Total market value of loaned securities at December 31, 2003 was $20,392,479.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page38_d"></a><sup><sup>d</sup></sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">Securities for which market quotations are no longer readily available represent 0.99% of net assets. These securities have been valued at their
fair value under procedures established by the Fund&#146;s Board of Directors.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page38_dagger"></a><sup>&#134;</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">New additions in 2003.</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1" color="#004585"><b>Bold indicates the Fund&#146;s largest 20 equity holdings in terms of December 31, 2003 market value.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1" color="#004585"><br><b>INCOME TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes was $253,607,180. At December 31, 2003, net unrealized
appreciation for all securities was $94,151,837, consisting of aggregate gross unrealized appreciation of $99,902,417 and aggregate gross unrealized
depreciation of $5,750,580. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and
amortization of discount for book and tax purposes.</font></td>
</tr>
<tr>
<td colspan="2" align="center"><font face="Sans-Serif" size="2" color="#004585"><br><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
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<td align="left"><font face="Serif" color="#004585" size="2"><br>38 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#004585"><b>&#160;</b></font></td>
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<tr><td colspan="3">&#160;</td></tr>
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<br>
<hr size="5" color="gray" noshade>
<br>
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<a name="page_39"></a>
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<td valign="bottom" colspan="5" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
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<td align="left" colspan="5"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Serif" color="#004585"><b>S<small>TATEMENT OF</small> A<small>SSETS AND</small> L<small>IABILITIES</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" colspan="4" align="right"><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font><hr size="1" noshade color="#004585"></td>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
ASSETS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Investments at value (cost $192,161,270) - including $21,176,765 of collateral on loaned securities</font></div></td>
<td width="11%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">287,159,017</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Repurchase
 agreement (at cost and value)</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Cash</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,738,816</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Receivable
 for investments sold</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">217,109</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Receivable
 for dividends and interest</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">137,093</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Prepaid
 expenses</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,793</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Assets</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">350,857,828</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
LIABILITIES:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Payable
 for collateral on loaned securities</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">21,176,765</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Payable for investments purchased</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15,789,784</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Payable
 for investment advisory fee</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">293,489</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Preferred
 dividends accrued but not yet declared</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">80,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Accrued
 expenses</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">92,738</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Liabilities</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">37,432,776</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">6.00% Cumulative Preferred Stock - $0.001 par value, $25 liquidation value per share; 2,400,000 shares outstanding</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total Preferred Stock</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">253,425,052</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
ANALYSIS OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Common Stock paid-in capital - $0.001 par value per share; 19,015,340 shares outstanding<br>(150,000,000 shares authorized)</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">145,700,538</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Accumulated net investment income</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,449,948</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Accumulated net realized gain on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,356,819</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net unrealized appreciation on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">94,997,747</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Preferred dividends accrued but not yet declared</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(80,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net Assets applicable to Common Stockholders (net asset value per share - $13.33)</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">253,425,052</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
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<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;39</font></td>
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<tr><td>&#160;</td></tr>
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<hr size="5" color="gray" noshade>
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<td valign="bottom" colspan="9" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td align="left" colspan="9"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" color="#004585"><b>S<small>TATEMENT OF</small> O<small>PERATIONS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" colspan="8" align="right"><font face="Serif" color="#004585"><b>Y<small>EAR</small> E<small>NDED</small> D<small>ECEMBER</small> 31, 2003</b></font><hr size="1" noshade color="#004585"></td>
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<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
INVESTMENT INCOME:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Income:</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Dividends</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,802,298</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Interest</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">151,415</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Securities lending</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 income</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,993,813</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Expenses:</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Investment
 advisory fees</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,371,509</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Custody
 and transfer agent fees</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">131,792</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Stockholder
 reports</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">99,634</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Professional
 fees</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">78,392</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Directors&#146; fees</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,179</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Administrative
 and office facilities expenses</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,106</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 expenses</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">73,364</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 expenses</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,836,976</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Fees
 waived by investment advisor</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(200,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 expenses</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,636,976</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment loss</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,643,163</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
REALIZED AND UNREALIZED GAIN ON INVESTMENTS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,865,842</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 change in unrealized appreciation on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">67,143,086</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized and unrealized gain on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">98,008,928</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="4" valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,365,765</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="4" valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(3,247,215</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="4" valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING FROM INVESTMENT OPERATIONS</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,118,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="9"><font face="Serif" color="#004585"><b>S<small>TATEMENTS OF</small> C<small>HANGES IN</small> N<small>ET</small> A<small>SSETS</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">Year ended
<br>December 31,<br>2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">Year ended
<br>December 31,<br>2002</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="center" valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="center" valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
INVESTMENT OPERATIONS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment loss</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,643,163</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2,363,582</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">30,865,842</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,747,557</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 change in unrealized appreciation on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">67,143,086</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(38,936,315</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 increase (decrease) in net assets resulting from investment operations</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">96,365,765</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(24,552,340</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(3,236,104</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(3,100,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
Quarterly distributions accrued but not yet declared</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(11,111</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Preferred Stockholders</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(3,247,215</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(3,100,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS
RESULTING FROM INVESTMENT OPERATIONS</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,118,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(27,652,340</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(16,874,985</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(13,769,198</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Common Stockholders</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(16,874,985</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(13,769,198</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CAPITAL STOCK TRANSACTIONS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
Offering costs from issuance of Preferred Stock</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(2,097,350</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
Reinvestment of distributions to Common Stockholders</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,707,658</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,549,592</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
Total capital stock transactions</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,610,308</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,549,592</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">85,853,873</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(32,871,946</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Beginning
 of year</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">167,571,179</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">200,443,125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
End of year (including net investment income of $3,449,948 in 2003)</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">253,425,052</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">167,571,179</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Serif" size="2" color="#004585">40 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr>
<td>&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_41"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO-</small>C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td><font face="Serif" color="#144A87"><br><b>F<small>INANCIAL</small> H<small>IGHLIGHTS</small></b></font></td>
</tr>
<tr>
<td><hr noshade size="1" color="#144A87"></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#144A87">This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating
the Fund&#146;s performance for the periods presented.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr><td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" colspan="14" align="center"><font face="Sans-Serif" size="2" color="#004585">
Years ended December 31,</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="14"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2001</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1999</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>
NET ASSET VALUE, BEGINNING OF PERIOD</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$9.39</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$11.83</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$10.14</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$11.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$10.06</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
INVESTMENT OPERATIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income (loss)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.09</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.12</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized and unrealized gain (loss) on investments</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.28</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.29</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.57</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.23</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.35</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 investment operations</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.42</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.52</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.32</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.47</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Preferred Stockholders</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING FROM INVESTMENT OPERATIONS</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5.01</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.60</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2.33</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.09</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.24</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.06</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.92</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.80</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.63</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.21</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Common Stockholders</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.92</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.80</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.72</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.27</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CAPITAL STOCK TRANSACTIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Effect
 of Preferred Stock Offering</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.11</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Effect
 of reinvestment of distributions by Common Stockholders</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 capital stock transactions</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.15</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSET VALUE, END OF PERIOD</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$13.33</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$9.39</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$11.83</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$10.14</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$11.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
MARKET VALUE, END OF PERIOD</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$12.60</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$8.44</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$10.50</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$8.625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$9.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL RETURN (<a href="#page41_a">a</a>):</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Market
 Value</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">63.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(12.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28.8</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">15.3</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4.5</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 Asset Value</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">55.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(13.8</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">23.4</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10.9</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 expenses (<a href="#page41_b">b</a>,<a href="#page41_c">c</a>)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.82</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.96</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.78</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.32</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.27</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Management
 fee expense</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.59</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.59</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.91</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 operating expenses</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.37</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.21</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.24</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income (loss)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.82</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.43</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.74</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.20</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
SUPPLEMENTAL DATA:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 Assets Applicable to Common Stockholders,</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">End
 of Period (in thousands)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$253,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$167,571</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$200,443</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$163,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$151,269</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Liquidation
 Value of Preferred Stock,</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">End
 of Period (in thousands)</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Portfolio
 Turnover Rate</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">39</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">27</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 shares outstanding</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Asset
 coverage per share</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$130.59</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$129.73</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$150.28</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$127.39</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$119.54</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Liquidation
 preference per share</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Average
 market value per share (<a href="#page41_d">d</a>):</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">6.00%
 Cumulative</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.37</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">7.75%
 Cumulative</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.70</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.91</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.30</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$23.08</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$24.67</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="15"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585"><a name="page41_a"></a>(a)<br></font>
</td>
<td width="2%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="middle" align="left"><font face="Sans-Serif" size="1" color="#004585">The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day of
 each period reported. Dividends and distributions, if any, are assumed for the purposes
 of this calculation, to be reinvested at prices obtained under the Fund&#146;s Distribution
 Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated
 on the same basis, except that the Fund&#146;s net asset value is used on the purchase
 and sale dates instead of market value.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585"><a name="page41_b"></a>(b)<br></font>
</td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585">Expense ratios
 based on total average net assets including liquidation value of Preferred Stock
 were 1.49%, 1.62%, 1.46%, 1.06% and 0.98% for the periods ended December 31, 2003,
 2002, 2001, 2000 and 1999, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585"><a name="page41_c"></a>(c)<br></font>
</td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585">Expense ratios
 based on average net assets applicable to Common Stockholders before waiver of fees
 by the investment adviser would have been 1.92%, 2.04%, 1.81% and 1.44% for the
 periods ended December 31, 2003, 2002, 2001 and 1999, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585"><a name="page41_d"></a>(d)<br></font>
</td>
<td valign="top"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="top" align="left"><font face="Sans-Serif" size="1" color="#004585">The average
 of month-end market values during the period that the preferred stock was outstanding.
</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td align="left" valign="bottom"><font color="#004585" face="Sans-Serif" size="1"><b>&#160;</b></font></td>
<td align="right" valign="bottom"><div style="margin-left:20px; text-indent:-10px"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;41</font></div>
</td>
</tr>
<tr><td colspan="2">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_42"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS</small></b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="3"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Summary of Significant Accounting Policies:</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;
Royce Micro-Cap Trust, Inc. (&#147;the Fund&#148;) was incorporated under the laws of the State of Maryland on September 9, 1993 as a diversified closed-end investment company. The Fund commenced operations on December 14, 1993.
<br>&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
<br><br><font color="#004585"><b>Valuation of Investments:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund&#146;s Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services.
<br><br><font color="#004585"><b>Investment Transactions and Related Investment Income:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and any non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.
<br><br><font color="#004585"><b>Expenses:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&#146;s operations, while expenses applicable to more than one of the Royce Funds are allocated in an equitable manner. Allocated personnel and occupancy costs related to The Royce Funds are included in administrative and office facilities expenses. The Fund has adopted a deferred fee agreement that allows the Fund&#146;s Directors to defer the receipt of all or a portion of Directors&#146; Fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.
<br><br><font color="#004585"><b>Taxes:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption &#147;Income Tax Information&#148;.
<br><br><font color="#004585"><b>Distributions:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund currently has a policy of paying quarterly distributions on the Fund&#146;s Common Stock. Distributions are currently being made at the annual rate of 9% of the rolling average of the prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock, with the fourth quarter distribution being the greater of 2.25% of the rolling average or the distribution required by IRS regulations. Distributions to Preferred Stockholders are recorded on an accrual basis and paid quarterly. The Fund is required to allocate long-term capital gain distributions and other types of income proportionately to distributions made to holders of shares of Common Stock and Preferred Stock.
 To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax basis differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.
<br><br><font color="#004585"><b>Repurchase Agreements:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund enters into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (&#147;SSB&#038;T&#148;), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held by SSB&#038;T until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of SSB&#038;T, including possible delays or restrictions upon the ability of the Fund to dispose of the underlying securities.
<br><br><font color="#004585"><b>Securities Lending:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities.
</font></div></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td bgcolor="#fffcf6" valign="top"><font face="Sans-Serif">&#160;</font></td></tr>
<tr>
<td valign="top" align="left"><font face="Serif" size="2" color="#004585">42 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr><td bgcolor="#fffcf6" valign="top"><font face="Sans-Serif">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_43"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS</small> (<small>CONTINUED</small>)</b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Capital Stock:</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;
The Fund issued 1,173,282 and 896,290 shares of Common Stock as reinvestment of distributions by Common Stockholders for the years ended December 31, 2003 and 2002, respectively.
<br>&#160;&#160;&#160;&#160;&#160;&#160;On October 20, 2003, the Fund redeemed all (1,600,000 shares) of its then outstanding 7.75% Cumulative Preferred Stock at the redemption price of $25.00 per share plus accumulated and unpaid dividends through the redemption date of $0.15069 per share. On October 16, 2003, the Fund received net proceeds of $58,110,000 (after underwriting discounts of $1,890,000 and before estimated offering expenses of $207,350) from the public offering of 2,400,000 shares of 6.00% Cumulative Preferred Stock. Commencing October 16, 2008 and thereafter, the Fund, at its option, may redeem the 6.00% Cumulative Preferred Stock, in whole or in part, at the redemption price.
<br>&#160;&#160;&#160;&#160;&#160;&#160;At December 31, 2003, 2,400,000 shares of the 6.00% Cumulative Preferred Stock were outstanding. The Fund is required to meet certain asset coverage tests with respect to the Cumulative Preferred Stock as required by the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established by Moody&#146;s, the Fund is required to maintain a certain discounted asset coverage. If the Fund fails to meet these requirements and does not correct such failure,
 the Fund may be required to redeem, in part or in full, the Cumulative Preferred Stock at a redemption price of $25.00 per share plus an amount equal to the accumulated and unpaid dividends, whether or not declared on such shares, in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund&#146;s ability to pay dividends to Common Stockholders and could lead to sales of portfolio securities at inopportune times. The Fund has met these requirements since issuing the Preferred Stock.
<br>&#160;&#160;&#160;&#160;&#160;&#160;Under Emerging Issues Task Force (EITF) Topic D-98, Classification and Measurement of Redeemable Securities, preferred securities that are redeemable for cash or other assets are to be classified outside of permanent equity to the extent that the redemption is at a fixed or determinable price and at the option of the holder or upon the occurrence of an event that is not solely within the control of the issuer. Subject to the guidance of the EITF, the Fund&#146;s Cumulative Preferred Stock has been reclassified outside of permanent equity (net assets applicable to Common Stockholders) in the accompanying financial statements.
</font></div></td>
</tr>
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><br><b>Investment Advisory Agreement:</b></font></div></td>
</tr>
<tr>
<td>&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">
&#160;&#160;&#160;&#160;&#160;&#160;
As compensation for its services under the Investment Advisory Agreement, Royce &#038; Associates, LLC (&#147;Royce&#148;) receives a fee comprised of a Basic Fee (&#147;Basic Fee&#148;) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the Russell 2000.
<br>&#160;&#160;&#160;&#160;&#160;&#160;The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&#146;s month-end net assets applicable to Common Stockholders plus the liquidation value of Preferred Stock for the rolling 36-month period ending with such month. The Basic Fee for each month is increased or decreased at the rate of 1/12 of .05% for each percentage point that the investment performance of the Fund exceeds, or is exceeded by, the percentage change in the investment record of the Russell 2000 for the performance period by more than two percentage points. The performance period for each such month is a rolling 36-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of .5%.
 Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable if the investment performance of the Fund exceeds the percentage change in the investment record of the Russell 2000 by 12 or more percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage change in the investment record of the Russell 2000 exceeds the investment performance of the Fund by 12 or more percentage points for the performance period.
<br>&#160;&#160;&#160;&#160;&#160;&#160;Royce has voluntarily committed to waive the portion of its investment advisory fee attributable to an issue of the Fund&#146;s Preferred Stock for any month in which the Fund&#146;s average annual NAV total return since issuance of the Preferred Stock fails to exceed the Preferred Stock&#146;s dividend rate.
<br>&#160;&#160;&#160;&#160;&#160;&#160;For the year ended December 31, 2003 the Fund accrued and paid Royce advisory fees totaling $3,171,509, which is net of $200,000 voluntarily waived by Royce.
</font></div></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td>&#160;</td></tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;43</font></td>
</tr>
<tr>
<td>&#160;</td></tr>
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<td><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> M<small>ICRO</small>-C<small>AP</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td></tr>
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<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS (CONTINUED)</small></b></font><hr size="1" noshade color="#004585"></td>
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<td colspan="7"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td colspan="6"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585"><b>Distributions to Stockholders:</b></font></div></td>
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<td colspan="6"><div style="margin-left:30px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">The tax character of distributions paid to stockholders during 2003 and 2002 was as follows:</font></div></td>
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<td colspan="6" align="right"><hr noshade size="2" color="#004585" width="92%"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Distributions paid from:</font></div></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:54px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Ordinary income</font></div></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,217,774</font></td>
<td width="8%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td width="39%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:54px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Long-term capital gain</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,893,315</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,869,198</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" color="#004585"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20,111,089</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,869,198</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="2" color="#004585"></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><hr noshade size="2" color="#004585"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td colspan="6"><hr noshade size="2" color="#004585" width="92%" align="right"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td colspan="6"><div align="justify" style="margin-left:30px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">As of December 31, 2003, the tax basis components of distributable earnings included in stockholders&#146; equity were as follows:</font></div></td>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
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<td colspan="3" align="right"><hr noshade size="2" color="#004585" width="89%"></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left" width="37%"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Undistributed net investment income</font></div></td>
<td valign="bottom" align="left" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="7%"><font face="Sans-Serif" size="2" color="#004585">3,449,948</font></td>
<td valign="bottom" align="left" width="2%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Undistributed long-term gain</font></div></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,202,729</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Unrealized appreciation</font></div></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">94,151,837</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><div style="margin-left:46px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Accrued preferred distributions</font></div></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(80,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="right"><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">107,724,514</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td colspan="2" valign="bottom" align="right"><hr size="2" noshade color="#004585"></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td colspan="3" align="right"><hr noshade size="2" color="#004585" width="90%"></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
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<td colspan="6" valign="bottom" align="left"><div align="justify" style="margin-left:12px; text-indent:25px"><font face="Sans-Serif" size="2" color="#004585">For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book / tax differences. For the year ended December 31, 2003, the Fund recorded the following permanent reclassifications, which relate primarily to the current net operating losses. Results of operations and net assets were not affected by these reclassifications.</font></div></td>
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<td colspan="6"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<table border="0" cellpadding="1" cellspacing="0" width="100%" align="center" bgcolor="#FFFCF6">
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Undistributed</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Accumulated</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Net Investment</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Net Realized</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Paid-in</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Income</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Capital</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr noshade size="1" color="#004585" width="80%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#000000">&#160;</font></td>
<td colspan="3" align="center"><hr noshade size="1" color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#000000">&#160;</font></td>
<td colspan="3" align="center"><hr noshade size="1" color="#004585"></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="2%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">5,093,111</font></td>
<td valign="bottom" align="left" width="2%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="left" width="3%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="4%"><font face="Sans-Serif" size="2" color="#004585">(5,084,534</font></td>
<td valign="bottom" align="left" width="1%"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td width="3%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="3%"><font face="Sans-Serif" size="2" color="#004585">(8,577</font></td>
<td width="1%"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<td valign="bottom"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585"><b>Purchases and Sales of Investment Securities:</b></font></div></td>
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<td valign="bottom"><div align="justify" style="margin-left:12px; text-indent:25px"><font face="Sans-Serif" size="2" color="#004585">For the year ended December 31, 2003, the cost of purchases and proceeds from sales of investment securities, other than short-term securities, amounted to $59,049,805 and $94,203,089, respectively.</font></div></td>
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<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585"><br><b>Transactions in Shares of Affiliated Companies:</b></font></div></td>
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<td valign="bottom"><div align="justify" style="margin-left:12px; text-indent:25px"><font face="Sans-Serif" size="2" color="#004585">An &#147;Affiliated Company&#148;, as defined in the Investment Company Act of 1940, is a company in which a Fund owns 5% or more of the company&#146;s outstanding voting securities. The Fund effected the following transactions in shares of such companies during the year ended December 31, 2003:</font></div></td>
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<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
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<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr><td colspan="26" valign="bottom"><hr noshade size="3" color="#004585"></td>
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<td valign="bottom" align="center"><font face="Sans-Serif" size="1">Affiliated Company</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Market Value<br>12/31/02</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Purchases</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Sales</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Realized and<br>Unrealized Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Dividend Income</font></td>
<td><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="1">Market Value<br>12/31/03</font></td>
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<td align="left"><hr align="center" size="1" noshade color="#004585" width="50%"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" align="center" noshade color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585"></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td colspan="3" align="center"><hr size="1" noshade color="#004585"></td>
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<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px"><font face="Sans-Serif" size="2" color="#004585">Technical Communications</font></div></td>
<td align="left" width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td valign="bottom" align="right" width="2%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="4%"><font face="Sans-Serif" size="2" color="#004585">34,812</font></td>
<td width="2%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="1%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">108,304</font></td>
<td width="1%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(49,170</font></td>
<td width="5%" valign="bottom"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td width="3%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#151;</font></td>
<td width="4%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="3%" align="left"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td width="4%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">0</font></td>
<td width="3%"><font face="Sans-Serif" size="1" color="#004585">&#160;</font></td>
</tr>
<tr><td colspan="26" valign="bottom"><hr noshade size="3" color="#004585"></td></tr>
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<td><font face="Serif" color="#004585"><br><b>R<small>EPORT</small> <small>OF</small> I<small>NDEPENDENT</small> A<small>UDITORS</small></b></font></td>
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<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585"><b>To the Board of Directors and Stockholders of Royce Micro-Cap Trust, Inc.</b></font></td>
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<td valign="bottom"><div align="justify" style="margin-left:0px; text-indent:10px"><font face="Sans-Serif" size="2" color="#004585">We have audited the accompanying statement of assets and liabilities of Royce Micro-Cap Trust, Inc., including the schedule of investments, as of December 31, 2003, and the related statement of operations for the year ended, and the statement of changes in net assets for the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.</font></div></td>
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<td valign="bottom"><div align="justify" style="margin-left:0px; text-indent:10px"><font face="Sans-Serif" size="2" color="#004585">We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2003, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></div></td>
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<td valign="bottom"><div align="justify" style="margin-left:0px; text-indent:10px"><font face="Sans-Serif" size="2" color="#004585">In our opinion, the financial statements and financial highlights referred to above and audited by us present fairly, in all material respects, the financial position of Royce Micro-Cap Trust, Inc. at December 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
</font></div></td>
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<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">Philadelphia, PA</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">TAIT, WELLER &#038; BAKER</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">January 24, 2004</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" width="30%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>44 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font><br><br></td>
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<td colspan="2" valign="bottom"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
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<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
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<td valign="bottom" colspan="5" align="left"><font face="Sans-Serif" size="2">
<b>COMMON STOCKS &#150; 95.2%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">SHARES</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
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<td valign="bottom" align="left">
<p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Consumer Products &#150; 9.6%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Industrial Products &#150; 10.6%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sports
 and Recreation - 6.3%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Building
 Systems and Components - 4.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td width="34%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Callaway
 Golf</font></p></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,000</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,685,000</font></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="33%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584"><b>Simpson Manufacturing</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">70,000</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004584">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">3,560,200</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Oakley</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,038,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
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<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>Winnebago Industries</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,750,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Construction
 Materials - 2.8%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584"><b>Florida Rock Industries</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">45,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">2,468,250</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,473,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Machinery
 - 3.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2">Other
 Consumer Products - 3.3%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584"><b>Lincoln Electric Holdings</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">1,855,500</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup>Matthews International Cl. A</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">42,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,257,575</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584">Woodward
 Governor Company</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">24,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">1,386,652</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup>Yankee Candle Company <a href="#page46_a"><sup> a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,639,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">3,242,152</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,897,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004584">(Cost $3,876,158)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">9,270,602</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $5,161,556)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,370,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>
Industrial Services</b> &#150; <b>7.4%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Consumer Services</b> &#150; <b>6.3%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2">Commercial
 Services - 5.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Direct
 Marketing - 3.9%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584"><b>Carlisle Holdings</b> <sup><a href="#page46_a">a</a>,<a href="#page46_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">350,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">2,152,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Nu Skin Enterprises Cl. A</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">200,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,418,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584">Cornell
 Companies <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">1,023,750</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004584"><sup><a href="#page46_dagger">&#134;</a></sup>West Corporation <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">1,161,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Retail
 Stores - 2.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Big
 Lots <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">89,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,270,374</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004584">4,337,750</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Charming
 Shoppes <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">140,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">756,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2">Engineering
 and Construction - 2.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,026,374</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585"><b>Dycom Industries</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">80,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,145,600</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $3,217,258)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,444,374</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $2,892,439)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,483,350</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Financial Intermediaries</b> &#150; <b>14.2%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Natural Resources</b> &#150; 19.3%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Insurance
 - 8.9%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Energy
 Services - 5.5%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>Alleghany Corporation</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,736,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>Ensign Resource Service Group</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">150,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,390,993</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">ProAssurance
 Corporation <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">47,155</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,516,034</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Input/Output <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">250,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,127,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>White Mountains Insurance Group</b> <a href="#page46_c"> <sup>c</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,839,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup>Tesco Corporation <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">150,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,219,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Zenith
 National Insurance</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,627,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">4,737,993</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,720,084</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oil
 and Gas - 2.2%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Securities
 Brokers - 0.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Tom Brown</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,935,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>E*TRADE Financial</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">632,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Precious
 Metals and Mining - 11.6%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 Financial Intermediaries - 4.6%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">AngloGold ADR <a href="#page46_b"> <sup>b</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,167,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>TSX Group</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">120,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,983,441</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Glamis Gold</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">125,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,140,000</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Goldcorp</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">180,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,871,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $6,587,007)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">12,336,025</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>Hecla Mining Company</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">350,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,901,500</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup>Meridian Gold <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,019,778</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Financial Services</b> &#150; <b>4.1%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Information
 and Processing - 2.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,099,778</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>eFunds Corporation</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">135,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,342,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004584">(Cost $11,632,734)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">16,772,771</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investment
 Management - 1.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">U.S.
 Global Investors Cl. A <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">295,605</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,247,453</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Technology</b> &#150; <b>11.5%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Distribution
 - 1.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $2,386,379)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,589,703</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Richardson
 Electronics</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">120,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,474,800</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Health</b> &#150; <b>12.2%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2">IT
 Services - 1.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Commercial
 Services - 1.5%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Syntel</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,235,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Covance <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,340,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Semiconductors
 and Equipment - 3.2%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Drugs
 and Biotech - 9.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup><b>CEVA</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">183,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,907,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Antigenics <sup><a href="#page46_a">a</a>,<a href="#page46_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">40,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">456,196</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Exar Corporation <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">854,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Emisphere Technologies <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">100,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">549,096</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Endo Pharmaceuticals Holdings</b> <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">150,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,889,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,761,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Lexicon Genetics <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">300,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,767,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Perrigo
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">77,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,215,156</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Software
 - 3.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">VIVUS <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">250,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">947,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup>PLATO Learning <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">116,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,225,910</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Transaction
 Systems Architects Cl. A <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,697,250</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,823,948</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,923,160</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Personal
 Care - 1.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Ocular
 Sciences <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,435,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Telecommunication
 - 1.8%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><sup><a href="#page46_dagger">&#134;</a></sup>ViaSat <a href="#page46_a"> <sup>a</sup></a></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">83,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,602,018</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004585">(Cost $7,250,260)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,599,448</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>Total</b></font> <font face="Sans-Serif" size="2" color="#004584">(Cost $5,622,454)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">9,996,838</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td align="left" valign="bottom"><font color="#004585" face="Sans-Serif" size="1"><b>&#160;</b></font></td>
<td align="right" valign="bottom"><div style="margin-left:20px; text-indent:-10px"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;45</font></div>
</td>
</tr>
<tr><td colspan="2">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_46"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#FFFCF6">
<tr>
<td colspan="2" valign="bottom"><br><font face="Serif" color="#004585"><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>CHEDULE OF</small> I<small>NVESTMENTS</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" align="right"><br><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font>
<hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" bgcolor="#FFFCF6" width="100%">
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" rowspan="2" colspan="2" align="right"><font face="Sans-Serif" size="2">PRINCIPAL<br>AMOUNT&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" rowspan="2" align="right"><font face="Sans-Serif" size="2">VALUE</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">VALUE
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="70%" align="right"></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade width="68%" align="right"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2"><b>TOTAL COMMON STOCKS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
REPURCHASE AGREEMENT &#150; 15.3%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="28%" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585">(Cost $48,626,245)</font></p></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">82,863,486</font></td>
<td width="4%" align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="25%" valign="top" align="left" rowspan="6"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">State Street Bank &#038; Trust Company, 0.30%
 dated 12/31/03, due 1/2/04, maturity value $13,314,222 (collateralized by U.S. Treasury Notes, 4.25%
 due 11/15/13, valued at $13,582,575) (Cost $13,314,000)</font></p></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CORPORATE BONDS &#150; 3.5%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>E*TRADE Financial 6.00%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Conv.
 Sub Note due 2/1/07</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,075,000</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,314,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">&#160;</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#000000"><b>
TOTAL CORPORATE BONDS</b></font><br><font face="Sans-Serif" size="2" color="#004585">(Cost $2,311,498)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,075,000</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="5" valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 0.8%</b></font></p></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Money
 Market Funds</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
GOVERNMENT BONDS &#150; 7.7%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">State
 Street Navigator Securities Lending</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>New Zealand 6.50%, due 2/15/06</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,664,122</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Prime
 Portfolio</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">(Cost $734,546)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">734,546</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL GOVERNMENT BONDS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">(Cost $5,947,012)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">6,664,122</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL INVESTMENTS &#150; 128.5%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">(Cost $75,952,027)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">111,840,609</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
U.S. TREASURY OBLIGATIONS &#150; 6.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">U.S.
 Treasury Notes 7.25%, due 8/15/04</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,189,455</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CASH AND OTHER ASSETS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
LESS LIABILITIES &#150; 0.2%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">171,469</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL U.S. TREASURY OBLIGATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="5"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">(Cost $5,018,726)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,189,455</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK &#150; (28.7)%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(25,000,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COMMON STOCKHOLDERS &#150; 100.0%</b></font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>87,012,078</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="2"><br><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td width="2%" align="left" valign="top">
<font face="Sans-Serif" size="1" color="#004585"><a name="page46_a"></a><sup>a</sup></font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1" color="#004585">Non-income producing.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page46_b"></a><sup>b</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">American Depository Receipt.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page46_c"></a><sup><sup>c</sup></sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">A portion of these securities were on loan at December 31, 2003. Total market value of loaned securities at December 31, 2003 was $717,530.</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page46_dagger"></a><sup>&#134;</sup></font></td>
<td align="left"><font face="Sans-Serif" size="1" color="#004585">New additions in 2003.</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left" valign="bottom"><font face="Sans-Serif" size="1" color="#004585"><b>Bold indicates the Fund&#146;s largest 20 holdings (excluding U.S. Treasury Obligations and Repurchase Agreement) in terms of December 31, 2003 market value.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1" color="#004585"><br><b>INCOME TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes was $76,287,560. At December 31, 2003, net unrealized
appreciation for all securities was $35,553,049, consisting of aggregate gross unrealized appreciation of $35,916,237 and aggregate gross unrealized depreciation of $363,188. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.</font></td>
</tr>
<tr>
<td colspan="2" align="center"><font face="Sans-Serif" size="2" color="#004585"><br><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td align="left"><font face="Serif" color="#004585" size="2"><br>46 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="1" color="#004585"><b>&#160;</b></font></td>
</tr>
<tr><td colspan="3">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_47"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td align="left" colspan="5"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" color="#004585"><b>S<small>TATEMENT OF</small> A<small>SSETS AND</small> L<small>IABILITIES</small></b></font><hr size="1" noshade color="#004585"></td>
<td valign="bottom" colspan="4" align="right"><font face="Serif" color="#004585"><b>D<small>ECEMBER</small> 31, 2003</b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
ASSETS:</b></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Investments
 at value (cost $62,638,027) &#150; including $734,546 of collateral on loaned securities</font></div></td>
<td width="15%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"> 98,526,609</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Repurchase
 agreement (at cost and value)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">13,314,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Cash</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">409,785</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Receivable
 for investments sold</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">270,903</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Receivable
 for dividends and interest</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">410,551</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Prepaid expenses</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,163</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Assets</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">112,934,011</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>LIABILITIES:
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Payable for
 collateral on loaned securities</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">734,546</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Payable for
 investment advisory fee</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">93,489</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,333</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Accrued expenses</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60,565</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Liabilities</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">921,933</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">6.00% Cumulative
 Preferred Stock &#150; $0.001 par value, $25 liquidation value per share; 1,000,000
 shares outstanding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">25,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">87,012,078</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>ANALYSIS
 OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Common Stock
 paid-in capital &#150; $0.001 par value per share; 9,673,378 shares outstanding (100,000,000
 shares authorized)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"> 48,305,180</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Accumulated
 net realized gain on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,851,649</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net unrealized
 appreciation on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,888,582</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(33,333</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 Assets applicable to Common Stockholders (net asset value per share &#150; $9.00)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">87,012,078</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" colspan="5">&#160;</td>
</tr>
<tr>
<td align="center" colspan="5"><font face="Sans-Serif" size="2" color="#004585"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td align="right" bgcolor="#fffcf6"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;47</font></td></tr>
<tr><td bgcolor="#fffcf6" valign="top"><font face="Sans-Serif">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_48"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="top"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td width="50%" valign="bottom"><font face="Serif" color="#004585"><br><b>S<small>TATEMENT OF</small> O<small>PERATIONS</small></b></font></td>
<td align="right" valign="bottom"><font face="Serif" color="#004585"><br><b>Y<small>EAR</small> E<small>NDED</small> D<small>ECEMBER</small> 31, 2003</b></font></td>
</tr>
<tr>
<td colspan="2" valign="top"><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>INVESTMENT
 INCOME:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Income:</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Interest</font></div></td>
<td valign="bottom" align="left" width="1%"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right" width="8%"><font face="Sans-Serif" size="2" color="#004585">918,520</font></td>
<td width="1%"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Dividends</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">889,363</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Securities
 lending</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,693</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Total income</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,815,576</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Expenses:</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Investment
 advisory fees</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">900,253</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Custody
 and transfer agent fees</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">80,590</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Professional
 fees</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69,767</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Stockholder
 reports</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,468</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Directors&#146; fees</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">28,812</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Administrative
 and office facilities expenses</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">11,931</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 expenses</font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">52,460</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Total expenses</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,196,281</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Fees waived
 by investment advisor</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(116,163</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net expenses</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,080,118</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net investment
 income</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">735,458</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>REALIZED
 AND UNREALIZED GAIN ON INVESTMENTS:</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net realized
 gain on investments</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,288,351</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net change
 in unrealized appreciation on investments</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,687,435</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net realized
 and unrealized gain on investments</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,975,786</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET INCREASE
 IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,711,244</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,508,609</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET INCREASE
 IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
RESULTING FROM INVESTMENT OPERATIONS</b></font></div></td>
<td><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,202,635</font></td>
<td><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="bottom" colspan="8"><font face="Serif" color="#004585"><br><b>S<small>TATEMENTS OF</small> C<small>HANGES IN</small> N<small>ET</small> A<small>SSETS</small></b></font><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Sans-Serif" size="2" color="#004585">Year ended<br>December 31,<br>2003</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Sans-Serif" size="2" color="#004585">Year ended<br>December 31,<br>2002</font></td>
</tr>
<tr>
<td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>INVESTMENT OPERATIONS:</b></font></div></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="9%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="9%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income (loss)</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">735,458</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(103,396</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8,288,351</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,317,847</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 change in unrealized appreciation on investments</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">24,687,435</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(8,047,125</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 increase (decrease) in net assets resulting from investment operations</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">33,711,244</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(6,832,674</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(153,283</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(272,620</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,355,105</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,217,380</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Quarterly
 distributions accrued but not yet declared</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(221</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Preferred Stockholders</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,508,609</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(1,490,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
RESULTING FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">32,202,635</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(8,322,674</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(582,175</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(150,865</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized gain on investments</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(5,147,260</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(673,654</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Common Stockholders</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(5,729,435</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(824,519</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>CAPITAL
 STOCK TRANSACTIONS:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Offering
 costs from issuance of Preferred Stock</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(984,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Reinvestment
 of distributions to Common Stockholders</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,566,912</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">449,516</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 capital stock transactions</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,582,912</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">449,516</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">29,056,112</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(8,697,677</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Beginning
 of year</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,955,966</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">66,653,643</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">End
 of year</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">87,012,078</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">57,955,966</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="center" colspan="8"><br><font color="#004585" face="Sans-Serif" size="2"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td valign="bottom" align="left"><font color="#004585" face="Serif" size="2"><br>48 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_49"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="top"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="top"><font face="Serif" color="#004585"><br><b>F<small>INANCIAL</small> H<small>IGHLIGHTS</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="top"><div align="justify"><font face=" Sans-Serif" color="#004585" size="2">This table is presented to show selected data for a share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the Fund&#146;s performance for the periods presented.</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="20"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="18" align="center"><font face="Sans-Serif" size="2" color="#004585">Years ended December 31,</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="17"><hr size="1" color="#004585" noshade align="right" width="91%"></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2001</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1999</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET ASSET
 VALUE, BEGINNING OF PERIOD</b></font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$6.27</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$7.28</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$6.77</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$5.94</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$5.63</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>INVESTMENT
 OPERATIONS:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income (loss)</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.05</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.12</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.08</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 realized and unrealized gain (loss) on investments</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3.57</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.74</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.79</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.26</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.58</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 investment operations</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3.65</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.75</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.84</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.38</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.66</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>DISTRIBUTIONS
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
 investment income</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.14</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.14</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.17</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Preferred Stockholders</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.17</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.17</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
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<td><font face="Serif" size="1">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.91</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.67</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.21</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.48</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>DISTRIBUTIONS
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.06</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.06</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Net
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.56</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.11</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.28</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.14</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 distributions to Common Stockholders</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.62</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.14</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.34</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.15</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>CAPITAL
 STOCK TRANSACTIONS:</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Effect
 of Preferred Stock Offering</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.11</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Effect
 of reinvestment of distributions by Common Stockholders</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Total
 capital stock transactions</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.14</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET ASSET
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$9.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$6.27</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$7.28</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>MARKET
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$5.56</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="2" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Market Value</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(15.1</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">19.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">27.9</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.3</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net Asset
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54.3</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(12.5</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">10.0</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">20.9</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">8.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>RATIOS
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Total expenses
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.88</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.47</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.44</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.51</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Management
 fee expense</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.14</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.11</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.00</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.00</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 operating expenses</font></p></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.43</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.75</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.44</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.51</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net investment
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)%</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">0.70</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.93</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1.47</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>SUPPLEMENTAL
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Net Assets
 Applicable to Common Stockholders,</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$87,012</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$60,933</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$51,003</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Liquidation
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">End
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$20,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$20,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$20,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Portfolio
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">49</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">61</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">54</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">69</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">60</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>PREFERRED
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<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,000,000</font></td>
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<td><font face="Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">800,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">800,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">800,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">800,000</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Asset coverage
 per share</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$112.01</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$97.44</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$108.32</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$101.17</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$88.75</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Liquidation
 preference per share</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Average market
 value per share (<a href="#page49_d">d</a>):</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">6.00%
 Cumulative</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.45</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">&#150;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">7.45%
 Cumulative</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.53</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.64</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$25.09</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$22.23</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">$24.00</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="19" align="left"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="top" width="3%"><font face="Sans-Serif" size="1" color="#004585"><a name="page49_a"></a>(a)</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="1" color="#004585">The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening of the first business day and a sale on the closing of the last business day of each period reported. Dividends and distributions, if any, are assumed for the purposes of this calculation, to be reinvested at prices obtained under the Fund&#146;s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated on the same basis, except that the Fund&#146;s net asset value is used on the purchase and sale dates instead of market value.</font></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page49_b"></a>(b)</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="1" color="#004585">Expense ratios based on total average net assets including liquidation value of Preferred Stock were 1.20%, 1.43%, 1.11%, 1.05% and 1.06% for the periods ended December 31, 2003, 2002, 2001, 2000 and 1999, respectively.</font></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page49_c"></a>(c)</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="1" color="#004585">Expense ratios based on average net assets applicable to Common Stockholders before waiver of fees by the investment adviser would have been 1.73%, 2.06%, 1.69%, 1.81% and 1.93%, for the periods ended December 31, 2003, 2002, 2001, 2000 and 1999, respectively.</font></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1" color="#004585"><a name="page49_d"></a>(d)</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="1" color="#004585">The average of month-end market values during the period that the preferred stock was outstanding.
</font></div></td>
</tr>
<tr>
<td valign="top" colspan="2">&#160;</td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td align="right" bgcolor="#fffcf6"><font color="#004585" face="Serif" size="2"><br>T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;49</font></td></tr>
<tr>
<td colspan="3">&#160;</td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_50"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS</small></b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="3"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Summary of Significant Accounting Policies:</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;
Royce Focus Trust, Inc. (&#147;the Fund&#148;) is a diversified closed-end investment company. The Fund commenced operations on March 2, 1988 and Royce &#038; Associates, LLC (&#147;Royce&#148;) assumed investment management responsibility for the Fund on November 1, 1996.
<br>&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
<br><br><font color="#004585"><b>Valuation of Investments:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time)
on the valuation date. Securities that trade on an exchange or Nasdaq are valued at their last reported sales price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their bid price. Securities for which market
quotations are not readily available are valued at their fair value under procedures established by the Fund&#146;s Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established independent pricing services.
<br><br><font color="#004585"><b>Investment Transactions and Related Investment Income:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
Investment transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and any non-cash dividend income is recorded at the fair market value of the securities received. Interest income is recorded on the accrual basis. Realized gains and losses from investment transactions are determined on the basis of identified cost for book and tax purposes.
<br><br><font color="#004585"><b>Expenses:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&#146;s operations, while expenses applicable to more than one of the Royce Funds are allocated in an equitable manner. Allocated personnel and occupancy costs related to The Royce Funds are included in administrative and office facilities expenses. The Fund has adopted a deferred fee agreement that allows the Fund&#146;s Directors to defer the receipt of all or a portion of Directors&#146; Fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the agreement.
<br><br><font color="#004585"><b>Taxes:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The Schedule of Investments includes information regarding income taxes under the caption &#147;Income Tax Information&#148;.
<br><br><font color="#004585"><b>Distributions:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
Distributions to Common Stockholders are recorded on the ex-dividend date and paid annually in December. The Fund is required to allocate long-term capital gain distributions and other types of income proportionately to distributions made to holders of shares of Common Stock and Preferred Stock. To the extent that distributions are not paid from long-term capital gains, net investment income or net short-term capital gains, they will represent a return of capital.
 Distributions to Preferred Stockholders are recorded on an accrual basis and paid quarterly. Distributions are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax basis differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the following year.
<br><br><font color="#004585"><b>Repurchase Agreements:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund enters into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (&#147;SSB&#038;T&#148;), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held by SSB&#038;T until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of SSB&#038;T, including possible delays or restrictions upon the ability of the Fund to dispose of the underlying securities.
<br><br><font color="#004585"><b>Securities Lending:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;&#160;
The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities.
</font></div></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td bgcolor="#fffcf6" valign="top"><font face="Sans-Serif">&#160;</font></td></tr>
<tr>
<td valign="top" align="left"><font face="Serif" size="2" color="#004585">50 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td>
</tr>
<tr><td bgcolor="#fffcf6" valign="top"><font face="Sans-Serif">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_51"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" color="#004585"><br><b>N<small>OTES TO</small> F<small>INANCIAL</small> S<small>TATEMENTS</small> (<small>CONTINUED</small>)</b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Capital Stock:</b></font></div></td>
</tr>
<tr>
<td width="2%">&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;
The Fund issued 432,353 and 79,701 shares of Common Stock as reinvestment of distributions by Common Stockholders for the years ended December 31, 2003 and 2002, respectively.
<br>&#160;&#160;&#160;&#160;&#160;&#160;On October 20, 2003, the Fund redeemed all (800,000 shares) of its then outstanding 7.45% Cumulative Preferred Stock at the redemption price of $25.00 per share plus accumulated and unpaid dividends through the redemption date of $0.14486 per share. On October 17, 2003, the Fund received net proceeds of $24,212,500 (after underwriting discounts of $787,500 and before estimated offering expenses of $196,500) from the public offering of 1,000,000 shares of 6.00% Cumulative Preferred Stock. Commencing October 17, 2008 and thereafter, the Fund, at its option, may redeem the 6.00% Cumulative Preferred Stock, in whole or in part, at the redemption price.
<br>&#160;&#160;&#160;&#160;&#160;&#160;At December 31, 2003, 1,000,000 shares of the 6.00% Cumulative Preferred Stock were outstanding. The Fund is required to meet certain asset coverage tests with respect to the Cumulative Preferred Stock as required by the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established by Moody&#146;s, the Fund is required to maintain a certain discounted asset coverage. If the Fund fails to meet these requirements and does not correct such failure, the
 Fund may be required to redeem, in part or in full, the Cumulative Preferred Stock at a redemption price of $25.00 per share plus an amount equal to the accumulated and unpaid dividends, whether or not declared on such shares, in order to meet these requirements. Additionally, failure to meet the foregoing asset coverage requirements could restrict the Fund&#146;s ability to pay dividends to Common Stockholders and could lead to sales of portfolio securities at inopportune times. The Fund has met these requirements since issuing the Preferred Stock.
<br>&#160;&#160;&#160;&#160;&#160;&#160;Under Emerging Issues Task Force (EITF) Topic D-98, Classification and Measurement of Redeemable Securities, preferred securities that are redeemable for cash or other assets are to be classified outside of permanent equity to the extent that the redemption is at a fixed or determinable price and at the option of the holder or upon the occurrence of an event that is not solely within the control of the issuer. Subject to the guidance of the EITF, the Fund&#146;s Cumulative Preferred Stock has been reclassified outside of permanent equity (net assets applicable to Common Stockholders) in the accompanying financial statements.
</font></div></td>
</tr>
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><br><b>Investment Advisory Agreement:</b></font></div></td>
</tr>
<tr>
<td>&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">
&#160;&#160;&#160;&#160;&#160;&#160;
The Investment Advisory Agreement between Royce and the Fund provides for fees to be paid at an annual rate of 1.0% of the Fund&#146;s average daily net assets applicable to Common Stockholders plus the liquidation value of Preferred Stock. Royce has voluntarily committed to waive the portion of its investment advisory fee attributable to an issue of the Fund&#146;s Preferred Stock for any month in which the Fund&#146;s average annual NAV total return since issuance of the Preferred Stock fails to exceed the Preferred Stock&#146;s dividend rate.
<br>&#160;&#160;&#160;&#160;&#160;&#160;For the year ended December 31, 2003 the Fund accrued and paid Royce advisory fees totaling $784,090, which is net of $116,163 voluntarily waived by Royce.
</font></div></td>
</tr>
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><br><b>Distributions to Stockholders:</b></font></div></td>
</tr>
<tr>
<td>&#160;</td>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585">
The tax character of distributions paid to stockholders during 2003 and 2002 was as follows:</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
<td colspan="2"><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="4%"><font face="Serif" size="2">&#160;</font></td>
<td width="24%" valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Distributions paid from:</font></div></td>
<td width="1%"><font face="Serif" size="2" color="#004585">&#160;</font></td>
<td width="7%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">2003</font></td>
<td width="1%"><font face="Serif" size="2" color="#004585">&#160;</font></td>
<td width="6%"><font face="Serif" size="2" color="#004585">&#160;</font></td>
<td width="1%"><font face="Serif" size="2" color="#004585">&#160;</font></td>
<td width="7%" valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">2002</font></td>
<td width="1%"><font face="Serif" size="2" color="#004585">&#160;</font></td>
<td><font face="Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></div></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><hr size="1" color="#004585" noshade width="60%"></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><hr size="1" color="#004585" noshade width="60%"></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Ordinary income</font></div></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,622,760</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">423,485</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10"><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Long-term capital gain</font></div></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">5,615,063</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">1,891,034</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></div></td>
<td colspan="2" valign="bottom" align="center"><hr size="1" color="#004585" noshade></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><hr size="1" color="#004585" noshade></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
&#160;</font></div></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">7,237,823</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">2,314,519</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></div></td>
<td colspan="2" valign="bottom" align="center"><hr size="2" color="#004585" noshade></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><hr size="2" color="#004585" noshade></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
<td colspan="2"><font face="Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr bgcolor="#fffcf6">
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td><div align="justify"><font face="Sans-Serif" size="2" color="#004585">
As of December 31, 2003, the tax basis components of distributable earnings included in stockholders&#146; equity were as follows:
</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%" bgcolor="#fffcf6">
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="2" color="#004585" noshade></td>
<td colspan="6"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td width="24%" valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Undistributed long-term gain</font></div></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">3,188,883</font></td>
<td width="1%"><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Unrealized appreciation</font></div></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">35,553,049</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="6"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Accrued preferred distributions</font></div></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">(33,333</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></div></td>
<td colspan="2" valign="bottom" align="center"><hr size="1" color="#004585" noshade></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
&#160;</font></div></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585">38,708,599</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">&#160;</font></div></td>
<td colspan="2" valign="bottom" align="center"><hr size="2" color="#004585" noshade></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="2" color="#004585" noshade></td>
<td colspan="6"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="10"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Purchases and Sales of Investment Securities:</b></font></div></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td><div align="justify"><font face="Sans-Serif" size="2" color="#004585">
&#160;
For the year ended December 31, 2003, the cost of purchases and proceeds from sales of investment securities, other than
short-term securities, amounted to $38,017,687 and $41,202,432, respectively.</font></div></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td>&#160;</td></tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;51</font></td>
</tr>
<tr>
<td>&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Serif" color="#004585"><br><b>R<small>OYCE</small> F<small>OCUS</small> T<small>RUST,</small> I<small>NC.</small></b></font><hr size="1" noshade color="#004585"></td>
</tr>
<tr>
<td valign="top" colspan="2"><font face="Serif" color="#004585"><br><b>R<small>EPORT OF</small> I<small>NDEPENDENT</small> A<small>UDITORS</small></b></font></td></tr>
<tr><td colspan="2"><hr noshade align="right" color="#144a87" size="1"></td></tr>
<tr>
<td><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b><br>To the Board of Directors and Stockholders of Royce Focus Trust, Inc.</b></font></div></td>
</tr>
<tr>
<td><div align="justify"><font face="Sans-Serif" size="2" color="#004585">&#160;&#160;&#160;&#160;&#160;&#160;
We have audited the accompanying statement of assets and liabilities of Royce Focus Trust, Inc., including the schedule of investments, as of December 31, 2003, and the related statement of operations for the year ended, and the statement of changes in net assets for the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
<br>&#160;&#160;&#160;&#160;&#160;&#160;
We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2003, by correspondence with the custodian and brokers. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
<br>&#160;&#160;&#160;&#160;&#160;&#160;
In our opinion, the financial statements and financial highlights referred to above and audited by us present fairly, in all material respects, the financial position of Royce Focus Trust, Inc. at December 31, 2003, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
</font></div></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><div style="margin-left:490px;"><font face="Sans-Serif" size="2" color="#004585">TAIT, WELLER &#038; BAKER</font></div></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="2" color="#004585">&#160;</font></td>
</tr>
<tr>
<td align="left"><div align="left"><font face="Sans-Serif" size="2" color="#004585">Philadelphia, PA<br>
January 24, 2004</font></div></td>
</tr>
<tr>
<td align="left" width="5%"><div align="left"><font face="Serif" size="2">&#160;</font></div></td>
</tr>
<tr>
<td valign="top"><font face="Serif" size="2" color="#144A87">52 |&#160;&#160;&#160;T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003</font></td></tr>
<tr><td>&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td valign="top" colspan="2"><font face="Serif" color="#004585"><br><b>S<small>TOCKHOLDER</small> M<small>EETING</small> R<small>ESULTS</small></b></font><hr size="1" noshade color="#004585"></td></tr>
<tr>
<td colspan="2"><div align="justify"><br><font face="Sans-Serif" size="2" color="#004585"><b>At the 2003 Annual Meeting of Stockholders
 held on September 29, 2003, the Fund&#146;s stockholders elected those members of
 the Board of Directors whose terms would otherwise have expired at the completion
 of the 2003 Annual Meeting, consisting of (a) Charles M. Royce, (b) G. Peter O&#146;Brien,
 (c) William L. Koke and (d) David L. Meister.</b></font></td>
</tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr><td colspan="14" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>&#160;&#160;ROYCE VALUE TRUST, INC.
</b></font></td>
</tr>
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="5"><font face="Sans-Serif" size="2"><b>COMMON STOCK
 AND PREFERRED STOCK VOTING<br>TOGETHER AS A SINGLE CLASS</b></font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="5"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK VOTING<br>AS A SEPARATE CLASS</b></font></td>
</tr>
<tr>
<td colspan="7" align="left">&#160;</td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="7" align="left">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES FOR</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES AGAINST</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES ABSTAINED</b></font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES FOR</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES AGAINST</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES ABSTAINED</b></font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#004585" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center" width="4%"><font face="Sans-Serif" size="2" color="#004585"><b>(a)</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">49,457,490</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="10%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="12%"><font face="Sans-Serif" size="2" color="#004585">555,123</font></td>
<td bgcolor="#ffffff" width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="10%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="12%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(b)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">49,642,935</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">367,214</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(c)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">5,413,761</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">34,521</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(d)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">5,408,761</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">39,521</font></td>
</tr>
<tr>
<td align="left" colspan="14" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>At the 2003 Annual Meeting of Stockholders
 held on September 29, 2003, the Fund&#146;s stockholders elected those members of
 the Board of Directors whose terms would otherwise have expired at the completion
 of the 2003 Annual Meeting, consisting of (a) Charles M. Royce, (b) G. Peter O&#146;Brien,
 (c) William L. Koke and (d) David L. Meister.</b></font></td>
</tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr><td colspan="14" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>&#160;&#160;ROYCE MICRO-CAP TRUST, INC.
</b></font></td>
</tr>
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="5"><font face="Sans-Serif" size="2"><b>COMMON STOCK
 AND PREFERRED STOCK VOTING<br>TOGETHER AS A SINGLE CLASS</b></font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="5"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK VOTING<br>AS A SEPARATE CLASS</b></font></td>
</tr>
<tr>
<td colspan="7" align="left">&#160;</td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="7" align="left">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES FOR</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES AGAINST</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES ABSTAINED</b></font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES FOR</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES AGAINST</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES ABSTAINED</b></font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#004585" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center" width="4%"><font face="Sans-Serif" size="2" color="#004585"><b>(a)</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="5%"><font face="Sans-Serif" size="2" color="#004585">18,986,536</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">196,284</font></td>
<td bgcolor="#ffffff" width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="5%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(b)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">19,053,253</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">129,567</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(c)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">1,559,237</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">17,108</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(d)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">1,558,087</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">18,258</font></td>
</tr>
<tr>
<td align="left" colspan="14" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr>
<td colspan="2"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>At the 2003 Annual Meeting of Stockholders
 held on September 29, 2003, the Fund&#146;s stockholders elected those members of
 the Board of Directors whose terms would otherwise have expired at the completion
 of the 2003 Annual Meeting, consisting of (a) Charles M. Royce, (b) G. Peter O&#146;Brien,
 (c) Stephen L. Isaacs and (d) David L. Meister.</b></font></td>
</tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#FFFCF6">
<tr><td colspan="14" align="left" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffec80"><b>&#160;&#160;ROYCE FOCUS TRUST, INC.
</b></font></td>
</tr>
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="5"><font face="Sans-Serif" size="2"><b>COMMON STOCK
 AND PREFERRED STOCK VOTING<br>TOGETHER AS A SINGLE CLASS</b></font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="5"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK VOTING<br>AS A SEPARATE CLASS</b></font></td>
</tr>
<tr>
<td colspan="7" align="left">&#160;</td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="7" align="left">&#160;</td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES FOR</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES AGAINST</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES ABSTAINED</b></font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES FOR</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES AGAINST</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="1" color="#004585"><b>VOTES ABSTAINED</b></font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#004585" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center" width="4%"><font face="Sans-Serif" size="2" color="#004585"><b>(a)</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="5%"><font face="Sans-Serif" size="2" color="#004585">9,072,376</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">107,071</font></td>
<td bgcolor="#ffffff" width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="5%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" width="8%"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(b)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">9,109,702</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">69,745</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(c)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">762,405</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">14,380</font></td>
</tr>
<tr>
<td colspan="7" align="left"><hr size="1" color="#bec1d9" noshade></td>
<td align="left" bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="6" align="left"><hr size="1" color="#bec1d9" noshade></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(d)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td bgcolor="#ffffff"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">761,405</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">n.a.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585">15,380</font></td>
</tr>
</table>
<table border="0" width="100%" cellspacing="0" cellpadding="0" bgcolor="#fffcf6">
<tr>
<td>&#160;</td></tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2" color="#004585">T<small>HE</small> R<small>OYCE</small> F<small>UNDS</small> A<small>NNUAL</small> R<small>EPORT</small> 2003 |&#160;&#160;&#160;53</font></td>
</tr>
<tr>
<td>&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="postscript"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" colspan="2"><font face="Serif" color="#004585"><br><b>P<small>OSTSCRIPT</small></b></font></td></tr>
<tr><td colspan="3"><hr noshade align="right" color="#144a87" size="2"></td></tr>
<tr>
<td width="5%">&#160;</td>
<td valign="bottom" align="left"><br><font face="Serif" color="#144A87"><b>H<small>ANDI-CAPPING</small></b></font></td>
<td width="5%">&#160;</td>
</tr>
<tr>
<td>&#160;</td>
<td valign="bottom" align="left"><div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
As another winter visits with us here in the Northeast, we quickly grow accustomed to weather forecasts that arrive in a blizzard of hype as news organizations dispatch a small army of reporters across three states to prepare us for the coming storm. Of course, more often than not the storm fails to materialize, at least in the form of the life-changing cataclysm we were warned about. But we don&#146;t want to blame the hard-working weather people. Even with the development of Doppler radar, storm tracking software and the growing knowledge about the planet&#146;s weather systems, it&#146;s still extraordinarily difficult to be right more often than not, especially when it comes to winter weather. It seems that a dismal track record simply goes with the business of forecasting, not just in predicting temperatures and snow falls, but in almost every area of life in which one&#146;s livelihood hinges on trying to predict events that haven&#146;t happened yet.
</font></div></td>
<td width="5%">&#160;</td>
</tr>
<tr>
<td>&#160;</td>
<td valign="bottom" align="left"><div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
Yet the services of professional prognosticators are increasingly in demand, regardless of their general level of performance. For almost any event in American life that can be construed as a contest, there will be someone offering odds as to the outcome. The analysis of professional and college sports has long since been overtaken by swamis who offer not just the odds or point spreads as to the final score, but who also offer allegedly informed estimates as to how many points will be scored, how many yards a quarterback will throw for, how many strikeouts a pitcher will earn and how many spectators will show up at the stadium that day. Most of this activity is fueled by the lure of profit &#151; there&#146;s a lot of money to be made &#151; but it doesn&#146;t come as much from being correct in one&#146;s predictions as it does in being the party that takes all the bets and assumes the risk of someone being right more often than not. Needless to say, those who take the bets almost always end up with more
 money than those who make them.
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The stock market is not immune to this trend, either. Plenty of bookstore shelf space is taken up with tomes written by experts who&#146;ll happily help you get rich for the small price of their book, although there&#146;s often a second book, or a set of cassettes and/or videos that you&#146;ll also need. You might be concerned that all of these experts are not only saying something different, they&#146;re often recommending the opposite strategy to what the other guy says. One insists that growth investing is the way to go while another preaches patience with your equities, which might make sense until a third advises you to avoid the stock market altogether and buy nothing but bonds, real estate or pork bellies.
 They come to you armed with an array of statistics, charts, graphs and more statistics to make the iron-clad case that if you&#146;d only heeded their wisdom back in 1989 or 1975 or 1953, you&#146;d be a billionaire today. Try not to let the fact that few, if any, of the authors themselves are billionaires bother you.
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It&#146;s always tempting to make predictions, whether it&#146;s about what direction the stock market might take in 2004 or what film will win Best Picture at this year&#146;s Academy Awards. The trick to doing it right, we would humbly suggest, is twofold: One must substantiate forecasts with as many facts as one can bring to the argument, and one must temper one&#146;s fortune-telling with the knowledge that things can change awfully quickly (especially in the market), making today&#146;s brilliant insight look like tomorrow&#146;s silly statement. We speak on this last matter from many years of experience.
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This is why we always take predictions, even our own, with a large grain of salt. In fact, we think that one of the most attractive attributes of value investing is its all-weather quality. This allows us to manage our portfolios without worrying too much about where the stock market or the economy may be heading. We think about these issues, we share our ideas with our stockholders and we may even take them into consideration when buying and selling securities. However, we are not wed to them and certainly would not ask others to accept them uncritically. We have no desire to write the next big business bestseller and think that the prediction business would do just fine without us. We remain firmly rooted in our approach, which focuses on understanding balance sheets and business strategies as opposed to things that are not predictable, and we will continue to maintain a healthy dose of skepticism about anyone&#146;s ability to see the future. You can bet on that.
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<div align="center"><font color="#D1D7E5" face="Serif" size="8">The</font><font color="#144A87" face="Serif" size="8">Royce</font><font color="#D1D7E5" face="Serif" size="8">Funds</font>
<hr noshade size="1" color="#000000" align="center" width="50%"></div>
<div align="center"><font face="Serif" size="2">1414 A<small>VENUE OF THE</small> A<small>MERICAS</small> &#149; N<small>EW</small> Y<small>ORK,</small> NY 10019</font></div>
<p align="center"><img src="group.jpg"></p>
<p align="center"><font face="Serif" size="2"><i>(l-r) Whitney George, Buzz Zaino, Chuck Royce,<br> Jack Fockler, Charlie Dreifus</i></font></p>
<div align="center"><font face="Serif" color="#144A87"><b>W<small>EALTH</small> O<small>F</small> E<small>XPERIENCE</small></b></font></div>
<div align="justify"><font face="Serif" size="2">
With approximately $15.7 billion in total assets under management, Royce &#038; Associates is committed to the same small-company investing principles that have served us well for more than 25 years. Charles M. Royce, our Chief Investment Officer, enjoys one of the longest tenures of any active mutual fund manager. He is supported by a senior staff that includes six Portfolio Managers and a Managing Director, as well as eight analysts and five traders.
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<div align="center"><font face="Serif" color="#144A87"><b>M<small>ULTIPLE</small> F<small>UNDS</small>, C<small>OMMON</small> F<small>OCUS</small></b></font></div>
<div align="justify"><font face="Serif" size="2">
Our goal is to offer both individual and institutional investors the best available small-cap value portfolios. Unlike a lot of mutual fund groups with broad product offerings, we have chosen to concentrate on small-company value investing by providing investors with a range of funds that take full advantage of this large and diverse sector.
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<br><div align="center"><font face="Serif" color="#144A87"><b>C<small>ONSISTENT</small> D<small>ISCIPLINE</small></b></font></div>
<div align="justify"><font face="Serif" size="2">
Our approach emphasizes paying close attention to risk and maintaining the same discipline, regardless of market movements and trends. The price we pay for a security must be significantly below our appraisal of its current worth. This requires a thorough analysis of the financial and business dynamics of an enterprise, as though we were purchasing the entire company.
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<br><div align="center"><font face="Serif" color="#144A87" size="3"><b>C<small>O</small>-O<small>WNERSHIP</small> O<small>F</small> F<small>UNDS</small></b></font></div>
<div align="justify"><font face="Serif" size="2">
It is important that our employees and stockholders share a common financial goal; our officers, employees and their affiliates currently have approximately <b>$63 million</b> invested in open- and closed-end Royce Funds.
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<td valign="top" width="40%" bgcolor="#144A87"><font face="Serif" size="2" color="#ffEC80"><b>G<small>ENERAL</small> I<small>NFORMATION</small></b></font><br>
<font face="Serif" size="2" color="#ffffff"><b><i>Additional Report Copies</i><br>(800) 221-4268</b></font><br><br><font face="Serif" size="2" color="#ffEC80"><b>E<small>QUI</small>S<small>ERVE</small></b></font><br><font face="Serif" size="2" color="#ffffff"><b><i>Transfer Agent and Registrar</i><br>(800) 426-5523</b></font></td>
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<b>B<small>ROKER</small>/D<small>EALER</small> S<small>ERVICES</small></b></font><br><font face="Serif" size="2" color="#ffffff"><b><i>For Fund Materials and Performance Updates</i><br>(800) 59-ROYCE (597-6923)</b></font><br><br><font face="Serif" size="2" color="#ffEC80">
<b>A<small>DVISOR</small> S<small>ERVICES</small></b></font><br><font face="Serif" size="2" color="#ffffff"><b><i>For Fund Materials, Performance Updates,<br>Transactions or Account Inquiries</i><br>(800) 33-ROYCE (337-6923)</b></font></td>
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<td valign="top" align="center" colspan="6" width="80%" bgcolor="#144A87"><font face="Serif" size="2" color="#ffEC80"><b>www.roycefunds.com</b></font></td>
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<td colspan="3" valign="top" width="5%" bgcolor="#144A87"><font face="Serif" size="2" color="#ffffff"><b>CE-ANN-1203<br>&#160;</b></font></td>
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<p align="justify"><font face="Times New Roman" size="2"><b>Item 2: Code(s) of Ethics</b> &#150; As of the end of the period covered by this
 report, the Registrant had adopted a code of ethics, as defined in Item 2 of Form
 N-CSR, applicable to its principal executive officer, principal financial officer,
 principal accounting officer or controller, or persons performing similar functions.
 A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive
 amendments were approved or waivers were granted to this code of ethics during the
 period covered by this report.</font></p>
<p><font face="Times New Roman" size="2"><b>Item 3: Audit Committee Financial Expert &#150;</b></font></p>
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<td valign="bottom" align="left" width="5%"><font face="Times New Roman" size="2">(a)(1)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">The Board
 of Directors of the Registrant has determined that it does not have an audit committee
 financial expert.</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">(a)(2)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">The Board
 of Directors of the Registrant has determined that, although each member of its
 Audit Committee is financially literate and has the necessary education and experience
 to be effective members of the Audit Committee, no one member of its Audit Committee
 possesses each of the five attributes of an audit committee financial expert. The
 Board of Directors has therefore further determined that it would be appropriate
 and desirable to add a person to the Audit Committee that possesses each of the
 five attributes of an audit committee financial expert. Accordingly, the non-interested
 members of the Board of Directors, acting as a Nominating Committee, have begun
 a search for a new non-interested Board member who will serve as the audit committee
 financial expert.</font></div></td>
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<p><font face="Times New Roman" size="2"><b>Item 4: Principal Accountant Fees and Services.</b></font></p>
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<td valign="bottom" align="left" width="5%"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">Audit Fees:</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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Year ended December 31, 2003 - $29,500</font></td>
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Year ended December 31, 2002 - $28,000</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Audit-Related
 Fees:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Year ended December 31, 2003 - $6,000 &#150; Preparation of reports to rating agency
 for Preferred Stock</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Year ended December 31, 2002 - $6,000 &#150; Preparation of reports to rating agency
 for Preferred Stock</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Tax Fees:</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Year ended December 31, 2003 - $2,500 &#150; Preparation of tax returns</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Year ended December 31, 2002 - $2,500 &#150; Preparation of tax returns</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
All Other Fees:</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Year ended December 31, 2003 - $7,500 &#150; Services in connection with Registration
 Statement on</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left" width="32%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Form N-2 for
 newly issued Preferred Stock</font></td>
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<td valign="bottom" width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="23%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
$3,000 &#150; Services in connection with Registration Statement on</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left" width="9%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Form N-2 relating
 to the Fund&#146;s Rights Offering</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="3"><font face="Times New Roman" size="2">Year ended
 December 31, 2002 - -0-</font></td>
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<p align="justify"><font face="Times New Roman" size="2">(e)(1)&#160;&#160;&#160;&#160;&#160;&#160;Annual Pre-Approval: On an annual basis, the Registrant&#146;s independent
 auditor submits to the Audit Committee a schedule of proposed audit, audit-related,
 tax and other non-audit services to be rendered to the Registrant and/or investment
 adviser(s) for the following year that require pre-approval by the Audit Committee.
 This schedule provides a description of each type of service that is expected to
 require pre-approval and the maximum fees that can be paid for each such service
 without further Audit Committee approval. The Audit Committee then reviews and determines
 whether to approve the types of scheduled services and the projected fees for them.
 Any subsequent revision to already pre-approved services or fees (including fee
 increases) are presented for consideration at the next regularly scheduled Audit
 Committee meeting, as needed.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If subsequent to the annual pre-approval of services and fees by the Audit Committee,
 the Registrant or one of its affiliates determines that it would like to engage
 the Registrant&#146;s independent auditor to perform a service not already pre-approved,
 the request is to be submitted to the Registrant&#146;s Chief Financial Officer,
 and if he or she determines that the service fits within the independence guidelines
 (e.g., it is not a prohibited service), he or she will then arrange for a discussion
 of the proposed service and fee to be included on the agenda for the next regularly
 scheduled Audit Committee meeting so that pre-approval can be considered.</font></p>
<p align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Interim Pre-Approval: If, in the judgment of the Registrant&#146;s Chief Financial
 Officer, a proposed engagement needs to commence before the next regularly scheduled
 Audit Committee meeting, he or she shall submit a written summary of the proposed
 engagement to all members of the Audit Committee, outlining the</font></p>
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<p align="justify"><font face="Times New Roman" size="2"> services, the estimated
 maximum cost, the category of the services (e.g., audit, audit-related, tax or other)
 and the rationale for engaging the Registrant&#146;s independent auditor to perform
 the services. To the extent the proposed engagement involves audit, audit-related
 or tax services, any individual member of the Audit Committee who is an independent
 Board member is authorized to pre-approve the engagement. To the extent the proposed
 engagement involves non-audit services other than audit-related or tax, the Chairman
 of the Audit Committee is authorized to pre-approve the engagement. The Registrant&#146;s Chief Financial Officer will arrange for this interim review and coordinate
 with the appropriate member(s) of the Committee. The independent auditor may not
 commence the engagement under consideration until the Registrant&#146;s Chief Financial
 Officer has informed the auditor in writing that pre-approval has been obtained
 from the Audit Committee or an individual member who is an independent Board member.
 The member of the Audit Committee who pre-approves any engagements in between regularly
 scheduled Audit Committee meetings is to report, for informational purposes only,
 any pre-approval decisions to the Audit Committee at its next regularly scheduled
 meeting.</font></p>
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<tr>
<td valign="bottom" align="left" width="5%"><font face="Times New Roman" size="2">(e)(2)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Not Applicable</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(f)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Not Applicable</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">(g)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Year ended
 December 31, 2003 - $19,000</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Year ended
 December 31, 2002 - $16,000</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(h)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">No such services
 were rendered during 2003. In 2002, the Registrant&#146;s Audit Committee considered
 whether the provision of non-audit services to the investment adviser and one of
 its employees for an analysis of the performance of his accounts were compatible
 with monitoring the principal accountant&#146;s independence. For such services,
 which did not relate to the operations or financial reporting of the Registrant,
 the investment adviser and one of its employees paid a total of $7,500 to the Registrant&#146;s accountants.</font></div></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>Item 5: Not Applicable.</b></font></p>
<p><font face="Times New Roman" size="2"><b>Item 6: Reserved.</b></font></p>
<p><font face="Times New Roman" size="2"><b>Item 7:</b></font></p>
<p align="center"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;June 5, 2003</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>Royce &#038; Associates Proxy Voting Guidelines and Procedures</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">These procedures apply to Royce &#038; Associates, LLC (&#147;Royce&#148;)
 and all funds and other client accounts for which it is responsible for voting proxies,
 including all open and closed-end registered investment companies (&#147;The Royce
 Funds&#148;), limited partnerships, limited liability companies, separate accounts,
 other accounts for which it acts as investment adviser and any accounts for which
 it acts as sub-adviser that have directly or indirectly delegated proxy voting authority
 to Royce. The Boards of Trustees/Directors of The Royce Funds have delegated all
 proxy voting decisions to Royce .</font></p>
<p align="justify"><font face="Times New Roman" size="2">Receipt of Proxy Material. Under the continuous oversight of the Head of Administration,
 an Administrative Assistant designated by him is responsible for monitoring receipt
 of all proxies and ensuring that proxies are received for all securities for which
 Royce has proxy voting responsibility. All proxy materials are logged in upon receipt
 by Royce&#146;s Librarian.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Voting of Proxies. Once proxy material has been logged in by Royce&#146;s Librarian,
 it is then promptly reviewed by the designated Administrative Assistant to evaluate
 the issues presented. Regularly recurring matters are usually voted as recommended
 by the issuer&#146;s board of directors or &#147;management.&#148; The Head of Administration,
 in consultation with the Chief Investment Officer, develops and updates a list of
 matters Royce treats as &#147;regularly recurring&#148; and is responsible for ensuring
 that the designated Administrative Assistant has an up-to-date list of these matters
 at all times, including instructions from Royce&#146;s Chief Investment Officer
 on how to vote on those matters on behalf of Royce clients . Examples of &#147;regularly
 recurring&#148; matters include non-contested elections of directors</font></p>
<hr noshade size="5" color="gray">
<br>
<page>
<p align="justify"><font face="Times New Roman" size="2">and non-contested
 approval of independent auditors. Non-&#147;regularly recurring&#148; matters are
 brought to the attention of the portfolio manager(s) for the account(s) involved
 by the designated Administrative Assistant, and, after giving some consideration
 to advisories from &#147;Proxy Master&#148; (a service provided by Institutional
 Shareholder Services), the portfolio manager directs that such matters be voted
 in a way that he or she believes should better protect or enhance the value of the
 investment. If the portfolio manager determines that information concerning any
 proxy requires analysis, is missing or incomplete, he or she then gives the proxy
 to an analyst or another portfolio manager for review and analysis.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left" width="2%"><font face="Times New Roman" size="2">a.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;From time
 to time, it is possible that one Royce portfolio manager will decide (i) to vote
 shares held in client accounts he or she manages differently from the vote of another
 Royce portfolio manager whose client accounts hold the same security or (ii) to
 abstain from voting on behalf of client accounts he or she manages when another
 Royce portfolio manager is casting votes on behalf of other Royce client accounts.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">The designated
 Administrative Assistant reviews all proxy votes collected from Royce&#146;s portfolio
 managers prior to such votes being cast. If any difference exists among the voting
 instructions given by Royce&#146;s portfolio managers, as described above, the designated
 Administrative Assistant then presents these proposed votes to the Head of Administration
 and the Chief Investment Officer. The Chief Investment Officer, after consulting
 with the relevant portfolio managers, either reconciles the votes or authorizes
 the casting of differing votes by different Royce portfolio managers. The Head of
 Administration maintains a log of all votes for which different portfolio managers
 have cast differing votes, that describes the rationale for allowing such differing
 votes and contains the initials of both the Chief Investment Officer and Head of
 Administration allowing such differing votes. The Head of Administration performs
 a weekly review of all votes cast by Royce to confirm that any conflicting votes
 were properly handled in accordance with the above-described procedures.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">b.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There are
 many circumstances that might cause Royce to vote against an issuer&#146;s board
 of directors or &#147;management&#148; proposal. These would include, among others,
 excessive compensation, unusual management stock options, preferential voting, poison
 pills, etc. Royce&#146;s portfolio managers decide these issues on a case-by-case
 basis as described above.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">c.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Royce portfolio
 manager may, on occasion, determine to abstain from voting a proxy or a specific
 proxy item when he or she concludes that the potential benefit of voting is outweighed
 by the cost, when it is not in the client account&#146;s best interest to vote.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">d.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When a client
 has authorized Royce to vote proxies on its behalf, Royce will generally not accept
 instructions from the clients regarding how to vote proxies.</font></div></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Custodian banks are authorized to release all shares held for Royce client account
 portfolios to Automated Data Processing Corporation (&#147;ADP&#148;) for voting,
 utilizing ADP&#146;s &#147;Proxy Edge&#148; software system. Substantially all portfolio
 companies utilize ADP to collect their proxy votes. However, for the limited number
 of portfolio companies that do not utilize ADP, Royce attempts to register at least
 a portion of its clients holdings as a physical shareholder in order to ensure its
 receipt of a physical proxy.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Under the continuous oversight of the Head of Administration, the designated Administrative
 Assistant is responsible for voting all proxies in a timely manner. Votes are returned
 to ADP using Proxy Edge as ballots are received, generally two weeks before the
 scheduled meeting date. The issuer can thus see that the shares were voted, but
 the actual vote cast is not released to the company until 4pm on the day before
 the meeting. If proxies must be mailed, they go out at least ten business days before
 the meeting date.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Conflicts of Interest. The designated Administrative Assistant reviews reports generated
 by Royce&#146;s portfolio management system (&#147;Quest PMS&#148;) that set forth
 by record date, any security held in a Royce client account which is issued by a
 (i) public company that is, or a known affiliate of which is, a separate account
 client of Royce (including sub-advisory relationships), (ii) public company, or
 a known affiliate of a public company, that has invested in a privately-offered
 pooled vehicle managed by Royce or (iii) public company, or a known affiliate of
 a public company, by which the spouse of a Royce employee or an immediate family
 member of a Royce employee living in the household of such employee is employed,
 for the purpose of identifying any potential proxy votes that could present a conflict
 of interest for Royce. The Head of Administration develops and updates the list
 of such</font></p>
<hr noshade size="5" color="gray">
<br>
<page>
<p align="justify"><font face="Times New Roman" size="2">public companies or their known affiliates which is used by Quest PMS to
 generate these daily reports. This list also contains information regarding the
 source of any potential conflict relating to such companies. Potential conflicts
 identified on the &#147;conflicts reports&#148; are brought to the attention of
 the Head of Administration by the designated Administrative Assistant, who then
 reviews them to determine if business or personal relationships exist between Royce,
 its officers, managers or employees and the company that could present a material
 conflict of interest. Any such identified material conflicts are voted by Royce
 in accordance with the recommendation given by an independent third party research
 firm (Institutional Shareholder Services). The Head of Administration maintains
 a log of all such conflicts identified, the analysis of the conflict and the vote
 ultimately cast. Each entry in this log is signed by the Chief Investment Officer
 before the relevant votes are cast.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Recordkeeping. A record of the issues and how they are voted is stored in the Proxy
 Edge system. Copies of all physically executed proxy cards, all proxy statements
 and any other documents created or reviewed that are material to making a decision
 on how to vote proxies are retained in the Company File maintained by Royce&#146;s
 Librarian.</font></p>
<p><font face="Times New Roman" size="2"><b>Item 8: Reserved.</b></font></p>
<p><font face="Times New Roman" size="2"><b>Item 9: Controls and Procedures.</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant&#146;s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date
 within 90 days of the filing date of this report.</font></p>
<p align="justify"><font face="Times New Roman" size="2">(b) Internal Controls. There were no significant changes in Registrant&#146;s internal controls or in other factors that could significantly affect these controls subsequent
 to the date of their evaluation, including any corrective actions with regard to
 significant deficiencies and material weaknesses.</font></p>
<p><font face="Times New Roman" size="2">Item 10: Exhibits attached hereto.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment
 Company Act of 1940, the registrant has duly caused this report to be signed on
 its behalf by the undersigned, thereunto duly authorized.</font></p>
<p><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" width="3%"><font face="Times New Roman" size="2">BY:</font></td>
<td valign="bottom" align="left" width="25%"><font face="Times New Roman" size="2">/s/ Charles
 M. Royce</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles
 M. Royce</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Date: March 1, 2004</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, this report has been
 signed below by the following persons on behalf of the registrant and in the capacities
 and on the dates indicated.</font></p>
<p><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" width="3%"><font face="Times New Roman" size="2">BY:</font></td>
<td valign="bottom" align="left" width="25%"><font face="Times New Roman" size="2">/s/ Charles
 M. Royce</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles
 M. Royce</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President
</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Date: March 1, 2004</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2"><b>ROYCE VALUE TRUST, INC.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" width="3%"><font face="Times New Roman" size="2">BY:</font></td>
<td valign="bottom" align="left" width="25%"><font face="Times New Roman" size="2">/s/ John D.
 Diederich</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>John D.
 Diederich</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Chief Financial
 Officer</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Date: March 1, 2004</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>3
<FILENAME>ex99code_eth.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="center"><font face="Times New Roman" size="2"><b>EXHIBITS</b></font></p>
<p><font face="Times New Roman" size="2"><b>Item 10(a):</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" width="70%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>September
 2003</b></font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2"><b>CODE OF ETHICS</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>FOR COVERED OFFICERS OF
 THE ROYCE FUNDS</b></font></p>
<p align="justify"><font face="Times New Roman" size="2">The Boards of Directors/Trustees of The
 Royce Fund, Royce Capital Fund, Royce Value Trust, Inc., Royce Micro-Cap Trust,
 Inc. and Royce Focus Trust, Inc. (each, a &#147;Fund&#148; and collectively, &#147;The
 Royce Funds&#148;) have adopted the following Code of Ethics (the &#147;Code&#148;)
 applicable to its President, Chief Financial Officer and Manager of Fund Accounting
 (&#147;Covered Officers&#148;) of The Royce Funds to ensure the continuing integrity
 of financial reporting and transactions. The names of the Covered Officers covered
 by the Code are listed on Schedule A hereto.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" width="5%"><font face="Times New Roman" size="2"><b>I.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Separate
 Code</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">This Code is the sole code of ethics adopted
 by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002. The
 Funds&#146; and Royce &#038; Associates, LLC&#146;s (&#147;R&#038;A&#148;), the
 investment adviser to The Royce Funds, code of ethics under Rule 17j-1 under the
 Investment Company Act of 1940 (the &#147;Investment Company Act&#148;) are separate
 requirements applying to the Covered Officers and others, and are not part of this
 Code. In addition to this Code, the Investment Company Act, and the Investment Advisers
 Act of 1940 (the &#147;Advisers Act&#148;) and rules promulgated thereunder contain
 numerous specific provisions designed to protect the Funds from conflicts of interest
 and overreaching. Any conduct by Covered Officers required by specific Investment
 Company Act or Advisers Act provisions or the rules thereunder is presumed to be
 in compliance with this Code. Each Covered Officer is accountable for his or her
 adherence to this Code. Any violation of this Code by a Covered Officer may result
 in disciplinary action, including immediate dismissal.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" width="5%"><font face="Times New Roman" size="2"><b>II.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Requirements
</b></u></font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="4" align="left"><font face="Times New Roman" size="2">
All Covered Officers must:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left" width="5%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Engage in
 and promote honest and ethical conduct, including the ethical handling of actual
 or apparent conflicts of interest between personal and professional relationships;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Act responsibly
 in producing and produce, full, fair, accurate, timely and understandable disclosure
 in reports and documents that the Funds file with, or submit to, the Securities
 and Exchange Commission (the &#147;SEC&#148;) and in other public communications
 made by each of the Funds;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Comply with
 applicable governmental laws, rules and regulations;</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">Promptly report
 suspected material violations of this Code, including violations of securities laws
 or other laws, rules and regulations applicable to a Fund, to R&#038;A&#146;s General
 Counsel and the Fund&#146;s Audit Committee.</font></div></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Each Covered Officer must act with integrity,
 including being honest and candid while still maintaining the confidentiality of
 information where required by law, and place the interests of The Royce Funds before
 the Covered Officer&#146;s own personal interests.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Each Covered Officer is required to familiarize
 himself or herself with the disclosure requirements applicable to each of the Funds
 and must not knowingly misrepresent or fail to disclose, or cause others to misrepresent
 or fail to</font></p>
<hr noshade size="5" color="gray">
<br>
<page>
<p align="justify"><font face="Times New Roman" size="2">disclose, material facts about a Fund to others, including but not limited
 to officers of and counsel to The Royce Funds, and their respective independent
 directors, independent auditors and governmental regulators.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left" width="5%"><font face="Times New Roman" size="2"><b>III.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Avoidance
 of Conflicts</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">The overarching principle of this Code is
 that the personal interests of a Covered Officer should not be placed improperly
 before the interests of The Royce Funds. As a result, each Covered Officer must:
 (i) handle any actual or apparent conflict of interest in an ethical manner, (ii)
 not use his or her personal influence or personal relationships to influence investment
 decisions or financial reporting by a Fund whereby the Covered Officer would benefit
 personally (directly or indirectly) to the detriment of the Fund; (iii) not cause
 a Fund to take action, or fail to take action, for the personal benefit of the Covered
 Officer rather than the benefit of such Fund; and (iv) not use for his or her personal
 benefit (directly or indirectly) any material non-public knowledge pertaining to
 a Fund.</font></p>
<p align="justify"><font face="Times New Roman" size="2">Although typically not presenting an opportunity
 for improper personal benefit, conflicts arise from, or as a result of, the contractual
 relationship between The Royce Funds and R&#038;A, of which the Covered Officers
 are also officers and/or employees. As a result, this Code recognizes that the Covered
 Officers will, in the normal course of their duties (whether formally for a Fund
 or for R&#038;A, or for both), be involved in establishing policies and implementing
 decisions that will have different effects on R&#038;A and the Fund. The participation
 of the Covered Officers in such activities is inherent in the contractual relationship
 between each of The Royce Funds and R&#038;A and is consistent with the performance
 by the Covered Officers of their duties as officers and/or employees of The Royce
 Funds. Thus, if performed in conformity with the provisions of the Investment Company
 Act and the Advisers Act, such activities will be deemed to have been handled ethically.</font></p>
<p align="justify"><font face="Times New Roman" size="2">The following conflict of interest situations
 must be disclosed by a Covered Officer to, and pre-approved in writing by, the General
 Counsel if material. Examples of these include:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" width="5%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="top" align="left" width="2%"><font face="Times New Roman" size="2"><b>&#149;</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">service as
 a director on the board of any public company;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>&#149;</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">any ownership
 interest in, or any consulting or employment relationship with, any of The Royce
 Funds&#146; service providers, other than its investment adviser, principal underwriter,
 administrator or any affiliated person thereof; or</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2"><b>&#149;</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Times New Roman" size="2">a direct or
 indirect financial interest in commissions, transaction charges or spreads paid
 by any Fund for effecting portfolio transactions.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>IV.</b></font></td>
<td valign="bottom" align="left" colspan="3"><font face="Times New Roman" size="2"><u><b>Materiality
</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">In the event a Covered Officer has any doubt
 as to (i) whether a suspected violation of this Code would be considered material,
 (ii) whether information relating to a Fund is of a material nature and therefore
 subject to public disclosure, (iii) whether non-public knowledge pertaining to a
 Fund is material in nature, or (iv) whether a particular conflict of interest is
 material, he or she should seek the advice of R&#038;A&#146;s General Counsel.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="5%"><font face="Times New Roman" size="2"><b>V.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Compliance
 and Annual Acknowledgment</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Each Covered Officer is required: (i) upon
 receipt of the Code, to sign and submit to R&#038;A&#146;s General Counsel an acknowledgment
 stating that he or she has received, read and understands the Code; (ii) annually
 thereafter to submit a statement to R&#038;A&#146;s General Counsel confirming that
 he or she has received, read and understands the Code and has complied with the
 requirements of the Code; (iii) not to retaliate against any employee subordinate
 to the Covered Officer for reports of potential violations that are made in good
 faith; and (iv) to notify R&#038;A&#146;s General Counsel, as appropriate, if the
 Covered Officer observes any irregularities or violations of this Code.</font></p>
<hr noshade size="5" color="gray">
<br>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="5%"><font face="Times New Roman" size="2"><b>VI.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Enforcement
 of the Code</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">The Royce Funds will adhere to the following
 procedures when investigating and enforcing this Code: (i) R&#038;A&#146;s General
 Counsel will take all appropriate action to investigate any potential violations
 reported to him or her; (ii) if R&#038;A&#146;s General Counsel determines that
 a violation has occurred, he or she will take all appropriate disciplinary or preventive
 action and inform the Fund&#146;s Board of Directors/Trustees of his or her decision;
 (iii) all changes to or waivers of this Code will, to the extent required, be disclosed
 on Form N-CSR or otherwise as required by SEC rules; and (iv) any waiver sought
 by the President of The Royce Funds will be considered by The Royce Funds&#146;
 Audit Committees prior to approval of the waiver.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="5%"><font face="Times New Roman" size="2"><b>VII.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Amendments
</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">Except with respect to Schedule A hereto,
 which may be updated at any time, this Code may be amended only by the Board of
 Directors/Trustees of each Fund at a meeting of such Board duly called for that
 purpose.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="5%"><font face="Times New Roman" size="2"><b>VIII.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Confidentiality
</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">All reports and records prepared or maintained
 pursuant to this Code will be considered confidential and will be maintained and
 protected accordingly. Except as otherwise required by law or this Code, such matters
 shall not be disclosed to anyone other than the appropriate Board and its counsel
 and R&#038;A and its affiliated persons.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="5%"><font face="Times New Roman" size="2"><b>IX.</b></font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u><b>Internal
 Use</b></u></font></td>
</tr>
</table>
<p align="justify"><font face="Times New Roman" size="2">The Code is intended solely for internal
 use by The Royce Funds and does not constitute the admission, by or on behalf of
 any Fund, as to any fact, circumstances or legal conclusion.</font></p>
<p><font face="Times New Roman" size="2">Date: September 17, 2003</font></p>
<hr noshade size="5" color="gray">
<br>
<page>
<p align="center"><font face="Times New Roman" size="2"><u><b>SCHEDULE A</b></u></font></p>
<p align="center"><font face="Times New Roman" size="2">Charles M. Royce</font></p>
<p align="center"><font face="Times New Roman" size="2">John D. Diederich</font></p>
<p align="center"><font face="Times New Roman" size="2">Mary Macchia</font></p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>4
<FILENAME>ex99_cert.htm
<TEXT>
<html>
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<body>
<p><font face="Times New Roman" size="2"><b>Item 10(b):</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><u><b>CERTIFICATIONS</b></u></font></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<p><font face="Times New Roman" size="2">1. I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present
 in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented
 in this report;</font></p>
<p><font face="Times New Roman" size="2">4. The registrant&#146;s other certifying
 officers and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of
 1940) for the registrant and have:</font></p>
<p><font face="Times New Roman" size="2">a) designed such disclosure controls and
 procedures to ensure that material information relating to the registrant, including
 its consolidated subsidiaries, is made known to us by others within those entities,
 particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">b) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures as of a date within 90 days prior to the
 filing date of this report (the "Evaluation Date"); and</font></p>
<p><font face="Times New Roman" size="2">c) presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures based on our evaluation
 as of the Evaluation Date;</font></p>
<p><font face="Times New Roman" size="2">5. The registrant&#146;s other certifying
 officers and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors
 (or persons performing the equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">a) all significant deficiencies in the design
 or operation of internal controls which could adversely affect the registrant&#146;s
 ability to record, process, summarize, and report financial data and have identified
 for the registrant&#146;s auditors any material weaknesses in internal controls;
 and</font></p>
<p><font face="Times New Roman" size="2">b) any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p>
<p><font face="Times New Roman" size="2">6. The registrant&#146;s other certifying
 officers and I have indicated in this report whether or not there were significant
 changes in internal controls or in other factors that could significantly affect
 internal controls subsequent to the date of our most recent evaluation, including
 any corrective actions with regard to significant deficiencies and material weaknesses.</font></p>
<p><font face="Times New Roman" size="2">Date: February 27, 2004</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" width="25%"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;/s/&#160;&#160;Charles
 M. Royce</font></td>
<td width="50%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles M. Royce</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr noshade size="5" color="gray">
<br>
<page>
<p align="center"><font face="Times New Roman" size="2"><u><b>CERTIFICATIONS</b></u></font></p>
<p><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<p><font face="Times New Roman" size="2">1. I have reviewed this report on Form N-CSR
 of Royce Value Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present
 in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented
 in this report;</font></p>
<p><font face="Times New Roman" size="2">4. The registrant&#146;s other certifying
 officers and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-2(c) under the Investment Company Act of
 1940) for the registrant and have:</font></p>
<p><font face="Times New Roman" size="2">a) designed such disclosure controls and
 procedures to ensure that material information relating to the registrant, including
 its consolidated subsidiaries, is made known to us by others within those entities,
 particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">b) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures as of a date within 90 days prior to the
 filing date of this report (the "Evaluation Date"); and</font></p>
<p><font face="Times New Roman" size="2">c) presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures based on our evaluation
 as of the Evaluation Date;</font></p>
<p><font face="Times New Roman" size="2">5. The registrant&#146;s other certifying
 officers and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors
 (or persons performing the equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">a) all significant deficiencies in the design
 or operation of internal controls which could adversely affect the registrant&#146;s
 ability to record, process, summarize, and report financial data and have identified
 for the registrant&#146;s auditors any material weaknesses in internal controls;
 and</font></p>
<p><font face="Times New Roman" size="2">b) any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant&#146;s internal controls; and</font></p>
<p><font face="Times New Roman" size="2">6. The registrant&#146;s other certifying
 officers and I have indicated in this report whether or not there were significant
 changes in internal controls or in other factors that could significantly affect
 internal controls subsequent to the date of our most recent evaluation, including
 any corrective actions with regard to significant deficiencies and material weaknesses.</font></p>
<p><font face="Times New Roman" size="2">Date: February 27, 2004</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;/s/&#160;&#160;John D.
 Diederich</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;<b>John D. Diederich</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left" width="25%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;<b>Chief Financial
 Officer</b></font></td>
<td width="50%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>5
<FILENAME>ex99_906cert.htm
<TEXT>
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<title></title>
</head>
<body>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p>
<p><font face="Times New Roman" size="2">Name of Issuer: ROYCE VALUE TRUST, INC.</font></p>
<p><font face="Times New Roman" size="2">In connection with the Report on Form N-CSR
 of the above-named issuer that is accompanied by this certification, the undersigned
 hereby certifies, to his knowledge, that:</font></p>
<p><font face="Times New Roman" size="2">1. The Report fully complies with the requirements
 of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and</font></p>
<p><font face="Times New Roman" size="2">2. The information contained in the Report
 fairly presents, in all materials respects, the financial condition and results
 of operations of the issuer.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: February
 27, 2004</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left" width="2%" ><font face="Times New Roman" size="2">&#160;&#160;/s/</font></td>
<td valign="bottom" align="left" width="14%"><font face="Times New Roman" size="2">&#160;&#160;Charles M.
 Royce</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles M. Royce</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President</b></font></td>
</tr>
</table>
<br>
<hr noshade size="5" color="gray">
<br>
<page>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p>
<p><font face="Times New Roman" size="2">Name of Issuer: ROYCE VALUE TRUST, INC.</font></p>
<p><font face="Times New Roman" size="2">In connection with the Report on Form N-CSR
 of the above-named issuer that is accompanied by this certification, the undersigned
 hereby certifies, to his knowledge, that:</font></p>
<p><font face="Times New Roman" size="2">1. The Report fully complies with the requirements
 of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and</font></p>
<p><font face="Times New Roman" size="2">2. The information contained in the Report
 fairly presents, in all materials respects, the financial condition and results
 of operations of the issuer.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: February
 27, 2004</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="3%"><font face="Times New Roman" size="2">&#160;&#160;/s/</font></td>
<td valign="bottom" align="left" width="15%"><font face="Times New Roman" size="2">&#160;&#160;John D.
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade width="95%" align="left"></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="2"><font face="Times New Roman" size="2">&#160;&#160;<b>John D. Diederich</b></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="2"><font face="Times New Roman" size="2">&#160;&#160;<b>Chief Financial Officer</b></font></td>
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<DOCUMENT>
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end

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<DOCUMENT>
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<FILENAME>fockler_sign.jpg
<TEXT>
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</TEXT>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
