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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000949377-04-000734.txt : 20041129
<SEC-HEADER>0000949377-04-000734.hdr.sgml : 20041129
<ACCEPTANCE-DATETIME>20041129154324
ACCESSION NUMBER:		0000949377-04-000734
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040930
FILED AS OF DATE:		20041129
DATE AS OF CHANGE:		20041129
EFFECTIVENESS DATE:		20041129

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		041171476

	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-Q
<SEQUENCE>1
<FILENAME>e69702.htm
<TEXT>
<html>
<body>
<p align="center"><font face="Serif">UNITED STATES<br>SECURITIES
 AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></p>
<p align="center"><font face="Serif"><b>FORM N-Q<br>QUARTERLY
 SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANIES
</b></font></p>
<p><font face="Serif" size="2">Investment Company Act file number: 811-04875</font></p>
<p><font face="Serif" size="2">Name of Fund: Royce Value Trust, Inc.<br>Fund
 Address: 1414 Avenue of the Americas<br>New York, NY 10019</font></p>
<p><font face="Serif" size="2">Name and address of agent for service:
<br>John E. Denneen, Esq.<br>Royce &#038; Associates, LLC<br>1414 Avenue of the Americas
<br>New York, NY 10019</font></p>
<p><font face="Serif" size="2">Registrant&#146;s telephone number, including
 area code: (212) 486-1445</font></p>
<p><font face="Serif" size="2">Date of fiscal year end: 12/31/2004</font></p>
<p><font face="Serif" size="2">Date of reporting period: 9/30/2004</font></p>
<p><font face="Serif" size="2">Item 1 - Schedule of Investments<br><b>
Portfolio of Investments</b></font></p>
<p><font face="Serif" size="2"><b>Royce Value Trust, Inc.</b><br>September
 30, 2004<br>(Amounts in Thousands) (Unaudited)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="6%"><font face="Serif" size="2">Par/Shares</font></td>
<td width="7%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="6%"><font face="Serif" size="2">Value</font></td>
<td width="1%"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="5"><hr size="1" noshade color="#000000"></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">ROYCE VALUE
 TRUST</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">SCHEDULE OF
 INVESTMENTS</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">SEPTEMBER
 30, 2004 (UNAUDITED)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>COMMON
 STOCKS - 119.1%</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><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 valign="bottom" align="right"><font face="Sans-Serif" size="2">
<b> SHARES</b></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 valign="bottom" align="right"><font face="Sans-Serif" size="2">
<b> VALUE</b></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2"><b>Consumer
 Products - 8.4%</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Apparel and
 Shoes - 3.3%</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>
<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">Jones
 Apparel Group</font></p></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">81,500</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="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">2,917,700</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">K-Swiss
 Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">240,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,633,475</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">Steven
 Madden <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">74,000</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">1,306,100</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">Oshkosh
 B&#146;Gosh Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,106,860</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">Polo
 Ralph Lauren Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,455,500</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">Timberland
 Company Cl. A <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,704,000</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">Tommy
 Hilfiger <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">226,000</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">2,230,620</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">Warnaco
 Group (The) <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,000</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">933,660</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">Weyco
 Group</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,697,852</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">Wolverine
 World Wide</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">84,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,131,920</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 29,117,687</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Collectibles
 - 0.2%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Action
 Performance Companies</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">506,500</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">The
 Boyds Collection <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">276,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">658,070</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">Department
 56 <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">244,500</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">Enesco
 Group <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">323,320</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<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>
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<td align="left"><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>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<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">668,304</font></td>
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</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>
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<tr>
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<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">712,589</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 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>
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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 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"> 3,251,313</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 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>
</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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</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="right"><font face="Sans-Serif" size="2">1,944,168</font></td>
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</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="right"><font face="Sans-Serif" size="2">521,250</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,527,788</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>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,200</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">725,760</font></td>
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</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">45,000</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">819,000</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 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>
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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 face="Sans-Serif" size="2"> 6,573,242</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 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,757,508</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130,000</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">4,015,700</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 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>
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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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 5,773,208</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="#000000" noshade></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><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>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,700</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">752,706</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">141,050</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,053,733</font></td>
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<tr>
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<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">3,946,040</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,100</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">1,140,857</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" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 11,808,542</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 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="#000000" 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">Other 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><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">Blyth</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">454,230</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">918,000</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">Dorel
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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">39,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,112,320</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">Fossil
 <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">696,150</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">Lazare
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">797,720</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">Leapfrog
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">607,500</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">Matthews
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,301,680</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">RC2
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,935,160</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 16,822,760</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Total
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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"> 75,079,142</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Direct Marketing
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sportsman&#146;s Guide (The) <a href="#foot_a">a</a>,<a href="#foot_d">d</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">97,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,972,425</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Leisure 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><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">Carmike
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">739,410</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">Gemstar-TV
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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">201,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,136,215</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">Hasbro</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">940,000</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">Multimedia
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,000</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">Steiner
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,049,750</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 4,020,375</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Restaurants
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">56,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">761,322</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">CEC
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<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">45,000</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="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,653,750</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,243,500</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">IHOP
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,178,557</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jack
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<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">444,220</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mandarin
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">638,000</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">385,990</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Prime
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,100</font></td>
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<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">1,291,237</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ryan&#146;s Restaurant Group <a href="#foot_a">a</a></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,900</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">903,756</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Steak
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45,500</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">777,140</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" colspan="2"><hr size="1" color="#000000" noshade></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 14,639,472</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" colspan="2"><hr size="1" color="#000000" noshade></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>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</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">1,093,600</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Big
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">232,200</font></td>
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<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">2,839,806</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">111,000</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">2,392,050</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Charming
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">584,400</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">4,160,928</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Children&#146;s Place Retail Stores <a href="#foot_a">a</a></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">430,380</font></td>
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</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="right"><font face="Sans-Serif" size="2">160,100</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Claire&#146;s Stores</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,592,336</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,000</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">240,630</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Krispy
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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">57,100</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">722,886</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">857,290</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neiman
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,150,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Payless
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">209,600</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">2,123,248</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stein
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">192,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,934,416</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Urban
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,200</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">5,682,880</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wet
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</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">41,500</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" colspan="2"><hr size="1" color="#000000" noshade></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"> 29,422,050</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" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Coinstar
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">792,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ITT
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">128,000</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">4,614,400</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">510,200</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">8,020,344</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 13,426,944</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Total
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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"> 63,481,266</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Banking - 3.3%</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>
<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">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">129,327</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,769,277</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">Bankrate
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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">77,000</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">865,480</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,184,550</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,686,000</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">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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,820,000</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">Mercantile
 Bankshares</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">959,200</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">NetBank</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">700,700</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,332,029</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">Partners
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,346,800</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">Sun
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">833,340</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">Whitney
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,134,000</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">Wilmington
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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">31,000</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">1,122,510</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 29,753,886</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">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>
<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">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">11,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,192,930</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,677,990</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">Aspen
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,334,580</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">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">22,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">560,328</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,395,800</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">Erie
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,668,298</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">HCC
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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">17,000</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">512,550</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,917,475</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,295,280</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">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">74,000</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">2,714,320</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">NYMAGIC</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,865,028</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,432,768</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">Ohio
 Casualty <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,913,910</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">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">218,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,152,346</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">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">171,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,296,335</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">Philadelphia
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,929,200</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">Phoenix
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">853,398</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">PXRE
 Group</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,133,059</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">ProAssurance
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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">186,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,516,171</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">RLI</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,724</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,744,636</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">Reinsurance
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,236,000</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">21st
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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">62,000</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">827,700</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">Wesco
 Financial</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,724,125</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">White
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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">14,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,416,600</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">Zenith
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,099,839</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 74,410,666</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Real Estate
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Public
 Storage</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,238,750</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">Sun
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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">20,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">799,476</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 2,038,226</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Securities
 Brokers - 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><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">E*TRADE
 Financial <a href="#foot_a">a</a></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">485,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,546,694</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">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">129,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,197,131</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 6,743,825</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">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><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">Chicago
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,613,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Total
</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="right"><font face="Sans-Serif" size="2"> 114,559,603</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 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>
</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><font face="Sans-Serif" size="1">&#160;</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Advent
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">151,100</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">2,543,013</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CCC
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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">26,214</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">463,726</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">224,275</font></td>
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<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">4,169,272</font></td>
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</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">93,500</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">4,506,700</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,000</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">1,722,800</font></td>
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</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,668,175</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interactive
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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">134,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,527,526</font></td>
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</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,197,500</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">530,400</font></td>
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</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">162,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,462,896</font></td>
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</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" colspan="2"><hr size="1" color="#000000" noshade></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"> 27,792,008</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 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="#000000" 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">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>
<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">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">60,300</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">404,010</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">289,100</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">1,879,150</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">121,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,015,356</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,615,911</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 11,914,427</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Investment
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alliance
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,792,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Apollo
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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">10,920,970</font></td>
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</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">35,700</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">1,046,010</font></td>
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</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,837,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eaton
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,835,378</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Federated
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,464,660</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gabelli
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">93,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,989,335</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nuveen
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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">138,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,102,560</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 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="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 30,988,663</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">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><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">CharterMac</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,310,604</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">Municipal
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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">47,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,192,906</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">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">467,000</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">2,680,580</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">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">41,000</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">270,600</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 5,454,690</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Total
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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"> 76,149,788</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Health
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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>
</tr>
<tr>
<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>
<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">Covance
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,904,319</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">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">520,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,469,066</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,265,172</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">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">94,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,784,782</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,442,920</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">Pharmaceutical
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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">67,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,433,600</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">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">26,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">786,785</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">TriZetto
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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">215,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,254,616</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">Young
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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">62,550</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">2,064,150</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 25,405,410</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Drugs 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><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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">374,680</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">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">90,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,788,468</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">232,155</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">Applera
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,328,648</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">Biogen
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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">28,100</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">1,718,877</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">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">18,200</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">7,280</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Celgene
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,329,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cephalon
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,900</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">234,710</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cerus
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,297</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Chiron
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">963,560</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Corgentech
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">170,700</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DUSA
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">914,956</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Endo
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<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">318,200</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="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">5,842,152</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Genzyme
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,523,480</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hi-Tech
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,257,680</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">981,900</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,199,600</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">463,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,053,147</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Matrixx
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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">40,000</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">416,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Millennium
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</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">685,500</font></td>
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</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">171,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,529,463</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Shire
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,853</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">597,438</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" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 32,201,891</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" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<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>
<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">Accredo
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,705</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">205,177</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Albany
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">816,000</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">Gentiva
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,150</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">493,556</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Health
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,400</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">559,782</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,600</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">1,027,966</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">58,300</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">1,746,668</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,893</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">964,304</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,887,888</font></td>
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</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,730</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 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>
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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 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"> 7,707,071</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" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">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">62,000</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">428,420</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arrow
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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">9,047,800</font></td>
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</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">81,500</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">2,143,450</font></td>
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</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">447,600</font></td>
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</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,021,750</font></td>
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</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,558,236</font></td>
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</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,048,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novoste
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">109,060</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">STERIS
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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">200,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,390,194</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Thoratec
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,240</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">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">61,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,129,512</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">674,478</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 27,017,740</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 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="#000000" 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">Personal Care
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ocular
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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">152,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,315,425</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,496,184</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 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="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 8,811,609</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 101,143,721</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 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="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">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>
<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">105,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,739,937</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CLARCOR</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,048,740</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IMPCO
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,950</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LKQ
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,607,760</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quantam
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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">15,500</font></td>
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<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">84,475</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 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>
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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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 4,556,862</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" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,022</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">207,759</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,600</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">2,764,488</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,401,280</font></td>
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</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">29,000</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">1,232,500</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 15,606,027</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">Construction
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font 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 face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,668,376</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">ElkCorp</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,193,680</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font 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 face="Sans-Serif" size="2">123,000</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">6,025,770</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Heywood
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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">738,837</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,149,882</font></td>
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</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,450,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 18,487,708</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">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>
</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">86,000</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">2,607,520</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">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">26,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">734,910</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">C
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">951,000</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,476,280</font></td>
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</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">48,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,119,303</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Penn
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,684,792</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Penn
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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">1,198,920</font></td>
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</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,324,700</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">967,190</font></td>
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</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="right"><font face="Sans-Serif" size="2">626,520</font></td>
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</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><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>
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<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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,088,788</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,243,638</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,222,560</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,337,997</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,161,278</font></td>
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<tr>
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<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">5,911,626</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>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,554,708</font></td>
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</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">2,080,260</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">562,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Woodward
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<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">4,967,264</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>
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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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 45,293,765</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>
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</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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</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="right"><font face="Sans-Serif" size="2">198,600</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">482,200</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,715,200</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,004,299</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,455,295</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">247,900</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="#000000" noshade></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 19,495,971</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 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>
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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>
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<tr>
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<tr>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,123,680</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 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>
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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>
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 2,546,430</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="#000000" noshade></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>
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<tr>
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<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">1,488,214</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">1,159,760</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Franklin
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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">1,869,120</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 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>
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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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 4,517,094</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 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>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">504,000</font></td>
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</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="right"><font face="Sans-Serif" size="2">1,193,060</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,200</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">1,090,610</font></td>
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</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="right"><font face="Sans-Serif" size="2">929,760</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">864,500</font></td>
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</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="right"><font face="Sans-Serif" size="2">2,179,205</font></td>
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</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="right"><font face="Sans-Serif" size="2">679,692</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">139,500</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">226,631</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">6,563,234</font></td>
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</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">29,000</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">391,210</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 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>
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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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 14,534,771</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 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>
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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>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</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">441,000</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">315,100</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">718,428</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 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>
</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="right"><font face="Sans-Serif" size="2"> 1,159,428</font></td>
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</tr>
<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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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</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>
</tr>
<tr>
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<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">1,356,355</font></td>
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</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="right"><font face="Sans-Serif" size="2">6,798,538</font></td>
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</tr>
<tr>
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</tr>
<tr>
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</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">21,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">221,665</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">Myers
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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">30,499</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">333,964</font></td>
<td><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 face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,267,980</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quixote
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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">4,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,904</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">700,000</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">Trinity
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">623,400</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 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="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 22,848,040</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 165,737,231</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 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="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<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>
<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">Advertising
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interpublic
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,906,200</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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">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>
<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">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">134,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,716,220</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">Administaff
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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">32,000</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">374,400</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,670,880</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,239,564</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,107,836</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">Collectors
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,800</font></td>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,625,030</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">Copart
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<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">138,100</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="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">2,614,233</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">Harsco
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">987,800</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">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">59,000</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">1,561,140</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hudson
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,475,525</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">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">168,000</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">618,240</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">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">206,175</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,979,024</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">752,940</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">MPS
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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">648,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,453,885</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,482,542</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</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">40,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MoneyGram
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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">217,100</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">3,708,068</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">Monster
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,946,560</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nam
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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">640,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">New
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">198,000</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">849,420</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">351,900</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">640,458</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Portfolio
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">146,950</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">652,500</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">Renaissance
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">325,050</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,282,840</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Rollins</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,000</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">2,113,230</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SOURCECORP
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">774,900</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">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">3,000</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">23,460</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">807,110</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Viad
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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">78,525</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,863,398</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Watson
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,130,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,184,750</font></td>
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</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" colspan="2"><hr size="1" color="#000000" noshade></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 51,934,803</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" colspan="2"><hr size="1" color="#000000" noshade></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 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"><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Champion
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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">120,000</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">1,234,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Chicago
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,049,650</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">EMCOR
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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">48,100</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">1,809,522</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">234,300</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">3,556,674</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Insituform
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">214,200</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">3,999,114</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Integrated
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">151,515</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,799,630</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">71,000</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">837,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,462,000</font></td>
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</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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 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"> 17,900,705</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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>
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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>
<tr>
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<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">4,009,500</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">286,400</font></td>
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<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">2,841,088</font></td>
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</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">6,500</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">118,625</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 6,969,213</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 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>
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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 align="left"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,799</font></td>
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<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">2,013,470</font></td>
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</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">310,400</font></td>
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<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">9,513,760</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">115,000</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">1,725,000</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 13,252,230</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<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>
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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>
</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">68,100</font></td>
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<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">884,619</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">R.R.
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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">44,541</font></td>
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<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">1,395,024</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,700</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">1,343,034</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" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 3,622,677</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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 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"><font face="Sans-Serif" size="2">Transportation
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">AirNet
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">219,000</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">941,700</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alexander
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</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">2,036,400</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">FLYi
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108,000</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">422,280</font></td>
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</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="right"><font face="Sans-Serif" size="2">3,689,127</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">C.
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</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">1,855,600</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Continental
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">852,000</font></td>
<td><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 face="Sans-Serif" size="2">EGL
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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">173,125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,238,763</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">General
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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">7,000</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">243,810</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">Forward
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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">166,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,663,330</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">Frozen
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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">306,635</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,327,360</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">Hawaiian
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">184,800</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">Hub
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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">77,000</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">2,868,250</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">Landstar
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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">5,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">328,608</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">Patriot
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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">101,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,328,718</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">UTI
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,646,450</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 33,627,196</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 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"><font face="Sans-Serif" size="2">Other 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>
<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">Landauer</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,533,047</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">Team
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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">4,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">72,662</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 5,605,709</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total
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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"> 134,818,733</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 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"><font face="Sans-Serif" size="2"><b>Natural
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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>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Energy
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Atwood
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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">19,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">936,538</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">Carbo
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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">105,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,617,984</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Core
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">245,900</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">ENSCO
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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">6,443</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">210,493</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">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">119,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">738,510</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">Hanover
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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">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">2,152,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Helmerich
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,946,156</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">Input/Output
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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">669,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,898,421</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">Key
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">110,500</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">Lufkin
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">558,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Precision
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,696,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TETRA
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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">61,000</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">1,894,050</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tidewater</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,061,130</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Universal
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,918,050</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">Veritas
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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">38,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">881,586</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Willbros
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,317,936</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 38,183,804</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 align="left"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Chesapeake
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,187,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cimarex
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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">115,041</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,019,533</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Delta
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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">39,000</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">508,560</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Denbury
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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">174,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,422,140</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">EOG
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">329,250</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">Houston
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,382,950</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">Husky
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,825,133</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font 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 face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,306,470</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">Plains
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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">76,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,825,290</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">Remington
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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">78,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,060,625</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SEACOR
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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">159,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,456,625</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Toreador
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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">100,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">956,862</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 29,280,688</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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 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"><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><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">AngloGold
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,900</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">1,941,110</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aurizon
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,000</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">68,820</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bema
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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">270,000</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">861,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Glamis
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,903,150</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">Gold
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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">57,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">788,970</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">Hecla
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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">198,000</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">1,473,120</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">MK
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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">431,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,187,175</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">Meridian
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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">147,000</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">2,457,840</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">Miramar
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">139,700</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">Stillwater
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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">10,780</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">167,090</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 11,988,275</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 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"><font face="Sans-Serif" size="2">Real Estate
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alico</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,215,200</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">CB
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,732,500</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">13,564</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">471,756</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">Trammell
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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">315,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,965,948</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 9,385,404</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total
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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"> 88,838,171</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 align="left"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Aerospace
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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>
</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">23,000</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">957,030</font></td>
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</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">86,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,956,118</font></td>
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</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">117,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,619,420</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">Herley
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,380</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 8,569,948</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 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"><font face="Sans-Serif" size="2">Components
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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>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Advanced
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,000</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">400,200</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
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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">2,629,368</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Analogic
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,000</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">875,490</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,260,040</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Checkpoint
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">103,000</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">1,603,710</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dionex
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,000</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">4,430,700</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Excel
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">168,500</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">4,350,670</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hutchinson
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,500</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">1,269,675</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Imation
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,700</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">558,763</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">InFocus
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,000</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">723,640</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">KEMET
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">889,900</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kronos
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,775</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">1,717,345</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Methode
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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">639,500</font></td>
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</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="right"><font face="Sans-Serif" size="2">396,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neoware
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,000</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">232,400</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Newport
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">191,900</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">2,201,093</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Perceptron
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">397,400</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">2,658,606</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plexus
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">399,700</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">4,412,688</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Radiant
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">130,650</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">189,200</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">891,132</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">259,600</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">3,281,344</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">192,600</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">1,712,214</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">348,900</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">6,803,550</font></td>
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</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="right"><font face="Sans-Serif" size="2">2,161,250</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">231,000</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">2,979,900</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Zebra
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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">5,888,990</font></td>
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</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" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"> 55,099,068</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" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">Distribution
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Agilysys</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">185,125</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">3,200,811</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Anixter
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,900</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">1,470,271</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arrow
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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">114,700</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">2,589,926</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Avnet
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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">52,355</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">896,318</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Benchmark
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,072,800</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">Insight
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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">64,000</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">1,077,760</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">Tech
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,720,075</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 14,027,961</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 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="#000000" noshade></td>
<td align="left"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">Internet 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>
<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">CNET
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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">155,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,421,910</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CryptoLogic</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">202,000</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">3,128,980</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">CyberSource
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DoubleClick
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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">181,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,073,847</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Intraware
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">153,400</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">RealNetworks
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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">85,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">397,964</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">S1
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">159,600</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">Satyam
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">462,400</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">Vastera
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,550</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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="right"><font face="Sans-Serif" size="2"> 6,872,951</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 align="left"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">answerthink
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">655,000</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">3,504,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BearingPoint
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">524,000</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">4,684,560</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Black
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,000</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">1,736,650</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CACI
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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">527,800</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">109,000</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">819,680</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">Computer
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">314,421</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covansys
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">251,600</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">2,903,464</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,400</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">980,880</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Forrester
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,300</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">1,208,532</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gartner
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">316,000</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">3,694,040</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CGI
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,700</font></td>
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<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">717,024</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Keane
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">480,000</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">7,372,800</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">160,300</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">4,618,243</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Perot
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,100</font></td>
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<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">2,651,506</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">397,900</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sapient
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">819,400</font></td>
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<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">6,252,022</font></td>
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</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="right"><font face="Sans-Serif" size="2">2,454,705</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Unisys
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">325,000</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">3,354,000</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>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</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 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"> 48,192,477</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" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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>
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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>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</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">436,650</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,000</font></td>
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<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">292,320</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">167,900</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,086,375</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,666</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">250,161</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cognex
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">118,400</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">3,102,080</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,600</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">508,320</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,500</font></td>
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<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">415,570</font></td>
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</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>
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</tr>
<tr>
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</tr>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">725,504</font></td>
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">216,050</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">1,356,794</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kulicke
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">597,770</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lattice
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">254,000</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">1,247,140</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mentor
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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">225,700</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">2,474,801</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">National
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,183,436</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novellus
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,000</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">319,080</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Omnivision
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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">155,650</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,500</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">1,110,375</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Semitool
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">379,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Silicon
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,550</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Veeco
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<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">65,000</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="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,363,050</font></td>
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</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" colspan="2"><hr size="1" color="#000000" noshade></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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"> 31,007,682</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 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="#000000" noshade></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>
<td><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 face="Sans-Serif" size="2">ANSYS
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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">497,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aspen
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">189,429</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">Autodesk</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,939,030</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Business
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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">477,855</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">Integral
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,166,698</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">JDA
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">74,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">810,418</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">MRO
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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">46,000</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">460,000</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">Macromedia
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,036,128</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">ManTech
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,527,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Manugistics
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">117,096</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novell
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,000</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">536,350</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,500</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">606,950</font></td>
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</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="right"><font face="Sans-Serif" size="2">1,566,275</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,600</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">1,139,054</font></td>
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</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="right"><font face="Sans-Serif" size="2">79,150</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">213,150</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">3,961,393</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,750</font></td>
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</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" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 19,145,076</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Andrew
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">367,200</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">Corvis
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<td valign="bottom" align="right"><font 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,000</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">Catapult
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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">75,100</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,414,884</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">Covad
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,800</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">Globecomm
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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">233,700</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,549,431</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">IDT
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">364,500</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">IDT
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">601,200</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">Inet
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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">65,000</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">817,700</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">Level
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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">280,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">726,236</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">PECO
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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">93,600</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">62,712</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">Scientific-Atlanta</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,040,416</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">Time
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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">179,000</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">859,200</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2"> 9,870,279</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 192,785,442</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Utilities
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CH
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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">44,500</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,038,100</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">Southern
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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">11,025</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">226,013</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Total</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="right"><font face="Sans-Serif" size="2"> 2,264,113</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Miscellaneous
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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>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total
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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"> 43,626,730</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>TOTAL COMMON
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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>
</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,058,483,940</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 valign="bottom" colspan="2"><hr size="2" color="#000000" 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>PREFERRED
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aristotle
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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">4,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">38,112</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>TOTAL 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>
<td><font face="Sans-Serif" size="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">(Cost $31,005)</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="right"><font face="Sans-Serif" size="2">38,112</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 valign="bottom" colspan="2"><hr size="2" color="#000000" 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 valign="bottom" align="center"><font face="Sans-Serif" size="2">PRINCIPAL<br><u>AMOUNT</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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>CORPORATE
 BONDS - 0.2%</b></font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</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="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%"><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"><font face="Sans-Serif" size="2">Dixie Group
 7.00%</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Conv.
 Sub. Deb. due 5/15/12</font></p></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 490,000</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">460,600</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">Richardson
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conv.
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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">1,319,000</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">1,319,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>TOTAL CORPORATE
 BONDS</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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $1,576,256)</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="right"><font face="Sans-Serif" size="2">1,779,600</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 valign="bottom" colspan="2"><hr size="2" color="#000000" 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>U.S TREASURY
 OBLIGATIONS - 2.9%</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" align="left"><font face="Sans-Serif" size="2">U. S. Treasury
 Notes</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">5.625%,
 due 2/15/06</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,108,400</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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><font face="Sans-Serif" size="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 U.S.
 TREASURY OBLIGATIONS</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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $26,204,762)</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="right"><font face="Sans-Serif" size="2">26,108,400</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 valign="bottom" colspan="2"><hr size="2" color="#000000" 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>REPURCHASE
 AGREEMENT - 2.7%</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>
<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">State Street
 Bank &#038; Trust Company,</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">1.30%
 dated 9/30/04, due 10/1/04,</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">maturity
 value $23,652,854</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">(collateralized
 by Federal National Mortgage Association</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"> 5.25%
 due at 1/15/06, valued at $24,127,426)</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">(Cost $23,652,000)</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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 23,652,000</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 valign="bottom" colspan="2"><hr size="2" color="#000000" 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>COLLATERAL
 RECEIVED FOR SECURITIES LOANED - 2.5%</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" align="left"><font face="Sans-Serif" size="2">U.S. Treasury
 Bonds</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">5.50%-7.25%
 due 8/15/22-8/15/28</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="right"><font face="Sans-Serif" size="2"> 7,326</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">U.S. Treasury
 Notes</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">1.875%
 due 1/31/06</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="right"><font face="Sans-Serif" size="2"> 152,370</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">Money Market
 Funds</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">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>
<td><font face="Sans-Serif" size="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">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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 22,028,311</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 valign="bottom" colspan="2"><hr size="1" color="#000000" 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>Total</b>
 (Cost $22,188,007)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 22,188,007</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 valign="bottom" colspan="2"><hr size="2" color="#000000" 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>TOTAL INVESTMENTS
 - 127.5%</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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $818,844,710)</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="right"><font face="Sans-Serif" size="2"> 1,132,250,059</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><font face="Sans-Serif" size="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>LIABILITIES
 LESS CASH</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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
AND OTHER ASSETS - (2.7)%</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">(23,849,302</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK - (24.8)%</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="right"><font face="Sans-Serif" size="2">(220,000,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</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" colspan="2"><hr size="1" color="#000000" 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 ASSETS
 APPLICABLE TO</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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COMMON STOCKHOLDERS - 100.0%</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 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>888,400,757
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<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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<td colspan="8"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left" valign="top"><font face="Sans-Serif" size="2"><a name="foot_a"></a>a</font></td>
<td align="left" colspan="8"><font face="Sans-Serif" size="2">Non-income producing.</font></td>
</tr>
<tr>
<td align="left" valign="top" colspan="2"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="2"><a name="foot_b"></a>b</font></td>
<td align="left" colspan="8"><font face="Sans-Serif" size="2">American Depository Receipt.</font></td>
</tr>
<tr>
<td align="left" valign="top" colspan="2"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="2"><a name="foot_c"></a>c</font></td>
<td align="left"><font face="Sans-Serif" size="2">At September 30, 2004, the Fund owned 5% or more of the Company's outstanding voting securities thereby making
 the Company an Affiliated Company as that term is defined in the Investment Company Act of 1940. The Fund
 effected the following transactions in shares of such companies during the nine months ended September 30, 2004:</font></td>
</tr>
<tr>
<td align="left" valign="top" colspan="2"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left" colspan="17"><hr size="2" color="#000000"></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"><font face="Sans-Serif" size="2">Shares</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Market 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><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">Realized</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><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">Shares</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Market Value</font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>Affiliated Company</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>12/31/2003</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>12/31/2003</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>Purchases</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>Sales</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>Gain (Loss)</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>Dividend Income</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>9/30/2004</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>9/30/2004<u></font></td>
</tr>
<tr>
<td valign="bottom" align="left" width="25%"><font face="Sans-Serif" size="2">CompX International<a href="#foot_star">*</a></font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">482,200</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">3,086,080</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="8%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#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="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">Falcon Products</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">761,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,351,040</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">109,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">791,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,527,788</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">MGP Ingredients<a href="#foot_star">*</a></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">417,322</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,572,822</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,682,904</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,043,390</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">Peerless Mfg.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,045,940</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">Richardson
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">&#160;&#160;&#160;&#160;7.25%
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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">1,319,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,213,480</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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>
</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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"><font face="Sans-Serif" size="2">Synalloy Corporation</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">345,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,387,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#160;&#160;&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">345,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,450,000</font></td>
</tr>
<tr>
<td align="left" colspan="17"><hr size="2" color="#000000"></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">18,656,762</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,043,390</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">-&#160;&#160;&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,245,768</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"><hr size="2" color="#000000"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><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="2" color="#000000"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><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="2" color="#000000"></td>
</tr>
<tr>
<td colspan="17" valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="foot_star"></a>*Not an affilated
 issuer at September 30, 2004.</font></td>
</tr>
<td colspan="17"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" align="left" valign="top"><font face="Sans-Serif" size="2"><a name="foot_d"></a>d</font></td>
<td align="left" colspan="8"><font face="Sans-Serif" size="2">A portion of these securities were on loan at September 30, 2004. Total market value of loaned securities at September 30, 2004
 was $21,729,071.</font></td>
</tr>
<tr>
<td align="left" valign="top" colspan="2"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" colspan="9"><font face="Sans-Serif" size="2"><b>INCOME TAX INFORMATION:</b>  The cost of total investments for Federal income tax purposes was $820,875,723.
 At September 30, 2004,  net unrealized appreciation for all securities was $311,374,336, consisting of aggregate gross unrealized
 appreciation of $370,240,622 and aggregate gross unrealized depreciation of $58,866,286. 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 align="left" valign="top" colspan="2"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2"><b>Valuation of investments:</b> <br>
 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 Board of Trustees.
 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.
</font></td>
</tr>
<tr>
<td align="left" valign="top" colspan="2"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">Other information regarding the Fund is available in the Fund's most recent Prospectus and Report to Shareholders.<br>
 This information is available through The Royce Funds (www.roycefunds.com) and on the Securities and Exchange
 Commission's website (www.sec.gov).
</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<p><font face="Serif" size="2">Item 2 - Controls and Procedures</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top" align="right"><font face="Serif" size="2">(a)</font></td>
<td width="1%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2">The Registrant&#146;s principal executive and principal financial officers have concluded, based
 on their evaluation of the Registrant&#146;s disclosure controls and procedures
 as of a date within 90 days of the filing date of this report, that the Registrant&#146;s disclosure controls and procedures are reasonably designed to ensure that
 information required to be disclosed by the Registrant on Form N-Q is recorded,
 processed, summarized and reported within the required time periods and that information
 required to be disclosed by the Registrant in the reports that it files or submits
 on Form N-Q is accumulated and communicated to the Registrant&#146;s management,
 including its principal executive and principal financial officers, as appropriate
 to allow timely decisions regarding required disclosure.</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><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Serif" size="2">(b)</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2">There were
 no changes in the Registrant&#146;s internal controls over financial reporting during
 the Registrant&#146;s last fiscal quarter that have materially affected, or are
 reasonably likely to materially affect, the internal controls over financial reporting.</font></td>
</tr>
</table>
<p><font face="Serif" size="2">Item 3 - Exhibits</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;Certifications
 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</font></p>
<p align="center"><font face="Serif" size="2">SIGNATURES</font></p>
<p><font face="Serif" 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="Serif" size="2">Royce Value Trust, Inc.<br>By: /s/ Charles M.
 Royce</font><hr size="1" noshade color="#000000" width="16%" align="left"></p>
<p><font face="Serif" size="2">Charles M. Royce<br>President, Royce Value
 Trust, Inc.<br>Date: November 29, 2004</font></p>
<p><font face="Serif" 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="Serif" size="2">By: /s/ Charles M. Royce<hr size="1" noshade color="#000000" width="16%" align="left"></font></p>
<p><font face="Serif" size="2">Charles M. Royce<br>President,
 Royce Value Trust, Inc.<br>Date: November 29, 2004</font></p>
<p><font face="Serif" size="2">By: /s/ John D. Diederich<hr size="1" noshade color="#000000" width="16%" align="left"></font></p>
<p><font face="Serif" size="2">John D. Diederich<br>Treasurer, Royce Value
 Trust, Inc.<br>Date: November 29, 2004</font></p>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e69702_ex99-cert.htm
<TEXT>
<p align="center"><font face="Serif" size="2"><u>Certification
 Filed as Exhibit 3 to Form N-Q</u></font></p>
<p align="center"><font face="Serif" size="2"><b>CERTIFICATION
</b></font></p>
<p><font face="Serif" size="2">I, Charles M. Royce, certify that:</font></p>
<p><font face="Serif" size="2">1. &#160;&#160;&#160;&#160;&#160;I have reviewed
 this report on Form N-Q of Royce Value Trust, Inc.;</font></p>
<p><font face="Serif" size="2">2. &#160;&#160;&#160;&#160;&#160;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="Serif" size="2">3. &#160;&#160;&#160;&#160;&#160;Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Serif" size="2">4. &#160;&#160;&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) for the Registrant and have:</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, 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="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b)
 [omitted];</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)
 Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures
 and presented in this report our conclusions about the effectiveness of the disclosure
 controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d) Disclosed in this report any change
 in the Registrant&#146;s internal controls over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal controls
 over financial reporting; and</font></p>
<p><font face="Serif" size="2">5. &#160;&#160;&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of trustees (or persons performing the
 equivalent functions):</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 All significant deficiencies and material weaknesses in the design or operation
 of internal controls over financial reporting which are reasonably likely to adversely
 affect the Registrant&#146;s ability to record, process, summarize, and report financial
 information; and</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(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 over financial
 reporting.</font></p>
<p><font face="Serif" size="2">Date: November 29, 2004</font></p>
<p><font face="Serif" size="2">/s/ Charles M. Royce<hr size="1" noshade color="#000000" width="15%" align="left"></font></p>
<p><font face="Serif" size="2">Charles M. Royce<br>President<br>Royce
 Value Trust, Inc.</font></p>
<br>
<hr size="5" noshade color="gray">
<br>
<page>
<p align="center"><font face="Serif" size="2"><b>CERTIFICATION
</b></font></p>
<p><font face="Serif" size="2">I, John D. Diederich, certify that: </font></p>
<p><font face="Serif" size="2">1. &#160;&#160;&#160;&#160;&#160;I have reviewed
 this report on Form N-Q of Royce Value Trust, Inc.;</font></p>
<p><font face="Serif" size="2">2. &#160;&#160;&#160;&#160;&#160;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="Serif" size="2">3. &#160;&#160;&#160;&#160;&#160;Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Serif" size="2">4. &#160;&#160;&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) for the Registrant and have:</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 Designed such disclosure controls and procedures, or caused such disclosure controls
 and procedures to be designed under our supervision, 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="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(b) [omitted];</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(c)
 Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures
 and presented in this report our conclusions about the effectiveness of the disclosure
 controls and procedures, as of a date within 90 days prior to the filing date of
 this report based on such evaluation; and</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(d)
 Disclosed in this report any change in the Registrant&#146;s internal controls over
 financial reporting that occurred during the Registrant&#146;s most recent fiscal
 quarter that has materially affected, or is reasonably likely to materially affect,
 the Registrant&#146;s internal controls over financial reporting; and</font></p>
<p><font face="Serif" size="2">5. &#160;&#160;&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of trustees (or persons performing the
 equivalent functions):</font></p>
<p><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(a)
 All significant deficiencies and material weaknesses in the design or operation
 of internal controls over financial reporting which are reasonably likely to adversely
 affect the Registrant&#146;s ability to record, process, summarize, and report financial
 information; and</font></p>
<p><font face="Serif" size="2"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(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 over financial reporting.</font></p>
<p><font face="Serif" size="2">Date: November 29, 2004</font></p>
<p><font face="Serif" size="2">/s/ John D. Diederich<hr size="1" noshade color="#000000" width="15%" align="left"></font></p>
<p><font face="Serif" size="2">John D. Diederich<br>Treasurer<br>Royce
 Value Trust, Inc.<br><br></font></p>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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