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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000949377-06-000474.txt : 20060517
<SEC-HEADER>0000949377-06-000474.hdr.sgml : 20060517
<ACCEPTANCE-DATETIME>20060517151832
ACCESSION NUMBER:		0000949377-06-000474
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060517
DATE AS OF CHANGE:		20060517
EFFECTIVENESS DATE:		20060517

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:		06848937

	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>e76850.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="center"><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES
 AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></p>
<p align="center"><font face="Times New Roman" size="2">FORM N-Q<br>QUARTERLY SCHEDULE
 OF PORTFOLIO HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</font></p>
<p align="center"><font face="Times New Roman" size="2">Investment Company Act file
 number: 811-04875</font></p>
<p align="center"><font face="Times New Roman" size="2">Name of Fund: Royce Value
 Trust, Inc.<br>Fund Address: 1414 Avenue of the Americas<br>New York, NY 10019</font>
</p>
<p align="center"><font face="Times New Roman" 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 align="center"><font face="Times New Roman" size="2">Registrant&#146;s telephone
 number, including area code: (212) 486-1445</font></p>
<p align="center"><font face="Times New Roman" size="2">Date of fiscal year end:
 12/31/2006</font></p>
<p align="center"><font face="Times New Roman" size="2">Date of reporting period:
 3/31/2006</font></p>
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments<br>Portfolio
 of Investments</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">ROYCE
 VALUE TRUST</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">SCHEDULE
 OF INVESTMENTS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">MARCH
 31, 2006 (UNAUDITED)</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>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COMMON STOCKS - 99.7%</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><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"><b>SHARES
</b></font></td>
<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"><b>VALUE
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Consumer Products - 4.7%</b></font></p></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Apparel
 and Shoes - 2.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kenneth
 Cole Productions 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">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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">969,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Columbia
 Sportswear Company <a href="#page_a">a</a>,<a href="#page_c">c</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">34,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,845,218</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jones
 Apparel 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">81,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,882,655</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">105,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,164,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oakley
 <a href="#page_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">94,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,615,198</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">58,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,527,502</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tandy
 Brands Accessories</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">174,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Timberland
 Company Cl. A <a href="#page_a">a</a>,<a href="#page_c">c</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">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,053,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">307,992</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,929,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">23,162,463</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Collectibles
 - 0.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Enesco
 Group <a href="#page_a">a</a>,<a href="#page_c">c</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">174,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">354,844</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Food/Beverage/Tobacco
 - 0.2%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hain
 Celestial Group <a href="#page_a">a</a>,<a href="#page_c">c</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">37,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">989,982</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hershey
 Creamery Company <a href="#page_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">709</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,418,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,407,982</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Home
 Furnishing and Appliances - 0.3%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ethan
 Allen Interiors</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,504,316</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jacuzzi
 Brands <a href="#page_a">a</a>,<a href="#page_c">c</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">145,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,425,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">La-Z-Boy</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,159,400</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,089,066</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Publishing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Scholastic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,478,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sports
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Coachmen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">542,826</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monaco
 Coach</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">161,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,158,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nautilus</font></p></td>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">29,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Thor
 Industries</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,392,696</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,123,492</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 Consumer Products - 1.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Blyth
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">308,994</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">752,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fossil
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,538,424</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">808,080</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">175,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,858,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">166,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,351,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">132,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,278,806</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">16,896,364</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">54,513,011</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Consumer Services - 5.7%</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Direct
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">FTD
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">532,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Leisure
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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:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">621,399</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Shuffle
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,608,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">2,100</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>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,314,749</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>
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<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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cox
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">308,660</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Benihana
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,600</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">204,072</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CEC
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,081,468</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IHOP
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">93,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,477,596</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ryan&#146;s Restaurant Group <a href="#page_a">a</a>,<a href="#page_c">c</a></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">80,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,688,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">10,555,536</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Big
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">255,300</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">3,563,988</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">77,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,516,360</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Children&#146;s Place Retail Stores <a href="#page_a">a</a>,<a href="#page_c">c</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">25,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,464,870</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Claire&#146;s Stores <a href="#page_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">189,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,891,638</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">66,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,138,860</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fred&#146;s Cl. A <a href="#page_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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">663,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gander
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">502,086</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hot
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,100</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">639,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">85,000</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">763,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">99
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,288,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stein
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">142,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,487,576</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">27,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">662,580</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">West
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,100</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">466,811</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">162,000</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">1,077,300</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><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" align="right"><font face="Sans-Serif" size="2">24,126,019</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Corinthian
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ITT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,789,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Laureate
 Education <a href="#page_a">a</a>,<a href="#page_c">c</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">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,003,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MoneyGram
 International</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">74,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,300,928</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sotheby&#146;s Holdings Cl. A <a href="#page_a">a</a>,<a href="#page_c">c</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">485,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,090,208</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">28,717,536</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">66,555,450</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Diversified Investment Companies - 0.1%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Closed-End
 Mutual Funds - 0.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Central
 Fund of Canada Cl. A <a href="#page_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">171,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,363,425</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">1,363,425</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Financial Intermediaries - 7.8%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Banking
 - 3.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">BOK
 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,149,499</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bank
 of NT Butterfield <a href="#page_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">62,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,500,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CFS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">260,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,894,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Commercial
 National 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">44,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">889,020</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exchange
 National Bancshares</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,495,872</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Farmers
 &#038; Merchants Bank of Long Beach</font></p></td>
<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 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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Heritage
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,915</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">374,535</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">HopFed
 Bancorp</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">399,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jefferson
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">337,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,800,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">NBC
 Capital</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">694,779</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">506,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Old
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">577,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,192,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">819,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tompkins
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">767,993</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">40,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,436,130</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wilber
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">323,340</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,343,850</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Yadkin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,026</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">35,741,744</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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:30px; 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">11,097</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,212,755</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,578,240</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,351,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">139,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,364,336</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IPC
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">757,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">43,221</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,578,565</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,418,256</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">66,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,075,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,541,516</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,126,720</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ohio
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">107,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,391,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">38,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,979,640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">PXRE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">166,551</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">544,622</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,714,185</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">979,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wesco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,895,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">41,510,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Real
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bimini
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">347,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,974,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gladstone
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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 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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Government
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">477,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,059,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Securities
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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:30px; 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">350,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,971,063</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investment
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,513,920</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">229,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,199,721</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">optionsXpress
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,541,240</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">8,225,944</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 Financial Intermediaries - 0.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MarketAxess
 Holdings <a href="#page_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">67,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">806,010</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nasdaq
 Stock Market <a href="#page_a">a</a>,<a href="#page_c">c</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">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,001,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,807,010</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">91,343,913</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Financial Services - 8.6%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Information
 and Processing - 2.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Advent
 Software <a href="#page_a">a</a>,<a href="#page_c">c</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">116,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,319,456</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">eFunds
 Corporation <a href="#page_a">a</a>,<a href="#page_c">c</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">126,875</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,278,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">FactSet
 Research Systems</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,567,772</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">137,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,262,370</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interactive
 Data <a href="#page_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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,156,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">SEI
 Investments Company <a href="#page_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">141,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,722,836</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">24,306,934</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Insurance
 Brokers - 1.1%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">289,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,680,252</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">162,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">973,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">111,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,092,472</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hilb
 Rogal &#038; Hobbs Company</font></p></td>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,391,161</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">U.S.I.
 Holdings <a href="#page_a">a</a>,<a href="#page_c">c</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">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">645,200</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">12,782,885</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investment
 Management - 4.7%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ADDENDA
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,000,985</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">AllianceBernstein
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">353,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,392,875</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">BKF
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">97,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dundee
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">494,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">140,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,844,152</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Federated
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,760,195</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">GAMCO
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,336,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MCG
 Capital</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">138,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,947,180</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MVC
 Capital <a href="#page_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">353,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,317,580</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">22,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,243,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,673,590</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">55,107,637</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">AmeriCredit
 Corporation <a href="#page_a">a</a>,<a href="#page_c">c</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">33,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,014,090</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,209,880</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Credit
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,175,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">International
 Securities Exchange Cl. A c</font></p></td>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,123,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Municipal
 Mortgage &#038; Equity</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,067,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">PRG-Schultz
 International <a href="#page_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">247,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">150,621</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">21,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">190,890</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">World
 Acceptance <a href="#page_a">a</a>,<a href="#page_c">c</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">21,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">594,580</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">8,526,761</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">100,724,217</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Health - 7.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">560,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,145,051</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">313,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,294,228</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">12,439,279</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Drugs
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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:30px; 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">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">164,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">99,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">272,082</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cerus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">185,752</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Connetics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">242,099</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">DUSA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">562,682</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Endo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">229,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,539,738</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">FX
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,600</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gene
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">365,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,675,350</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">1,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,530</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hollis-Eden
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">271,040</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">978,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">K-V
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,242,180</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Martek
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">410,375</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Medicines
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">411,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Millennium
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,011,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Myriad
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,304,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Perrigo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">186,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,045,892</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">QLT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,060</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">938,641</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">SFBC
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">243,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Telik
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">638,880</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">VIVUS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">163,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">543,789</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">21,833,280</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Albany
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">863,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">52,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,096,125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cross
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">580,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eclipsys
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">472,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gentiva
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">549,032</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">HMS
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">437,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lincare
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,712</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">1,664,060</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MedQuist
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">982,038</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">214,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">On
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">425,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,670,892</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Paramount
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">280,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,259,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quovadx
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">9,570</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">15,799,617</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Medical
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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:30px; 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">197,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,190,154</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">195,728</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,394,434</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ArthroCare
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">478,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bruker
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">370,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,999,080</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CONMED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,560,725</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Diagnostic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,190,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDEXX
 Laboratories <a href="#page_a">a</a>,<a href="#page_c">c</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">79,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,822,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Invacare
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">103,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,202,286</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novoste
 Corporation <a href="#page_a">a</a>,<a href="#page_c">c</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">16,625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,876</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">98,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,433,448</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Young
 Innovations</font></p></td>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,284,326</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Zoll
 Medical <a href="#page_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">20,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">532,068</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">28,136,787</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Personal
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Helen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,729,920</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Inter
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,965</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nutraceutical
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">343,596</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">USANA
 Health Sciences <a href="#page_a">a</a>,<a href="#page_c">c</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">38,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,622,908</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,706,389</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">81,915,352</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Industrial Products - 17.5%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">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>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IMPCO
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">293,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">256,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,327,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,490</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Superior
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,006,720</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,682,970</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Building
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Decker
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,022</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Preformed
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,107,072</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>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">14,192,537</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 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>
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<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">1,135,687</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Florida
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,475</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Heywood
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">958,837</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">1,711,694</font></td>
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</tr>
<tr>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,171,550</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">18,443,340</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 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">64,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,899,920</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">81,000</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">56,380</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">345,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,194,268</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">2,972,600</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">3,135,712</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">143,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">874,740</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,525</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">163,451</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">3,168,450</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Powell
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,012,472</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">244,215</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">753,640</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">19,556,848</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 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>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,130,423</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,549,285</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">311,684</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>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,398,760</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hardinge</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">274,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDEX
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</tr>
<tr>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nordson
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,585,892</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">PAXAR
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Rofin-Sinar
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,928,640</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">T-3
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,010</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">808,509</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">UNOVA
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,530</font></td>
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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">154,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,147,100</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>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><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">65,660,811</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 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>
</tr>
<tr>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,720,645</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">757,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gerdau
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">930,000</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">2,354,754</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">1,509,305</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">8,423,132</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">NN
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">127,100</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,640,861</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">496,260</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">107,100</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">5,480,307</font></td>
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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>
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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>
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<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" align="right"><font face="Sans-Serif" size="2">29,637,784</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 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>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">408,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,127,184</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 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>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,630</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Specialty
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aceto
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">133,028</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bairnco
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">459,670</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Balchem
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,250</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">259,537</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CFC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,641,668</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cabot
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,920,435</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hawkins</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">206,878</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,910,773</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lydall
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">342,575</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MacDermid</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">264,131</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,491,812</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Schulman
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">183,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,531,725</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sensient
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">397,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">21,088,323</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Textiles
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Unifi
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">551,434</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brady
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">228,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,570,848</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Diebold</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,493,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Distributed
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">227,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kimball
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">437,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,578,195</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Maxwell
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">419,465</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">487,679</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,092,700</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Solar
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">475,613</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Waters
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,001,080</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">24,346,280</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">203,683,331</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Industrial Services - 13.7%</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><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:30px; 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">510,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,875,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lamar
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,262,880</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MDC
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">511,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ValueClick
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,600</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">1,109,952</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,760,232</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 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:30px; 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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,584,116</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aaron
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,265</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alliance
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,100</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">1,828,707</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Allied
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">188,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,310,912</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Anacomp
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">269,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">BB
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">896,540</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bennett
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">93,214</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">18,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">292,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,203,410</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Copart
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,339,845</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dolby
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">83,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,753,510</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">120,900</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Global
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,899,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hewitt
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">135,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,029,770</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Iron
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">181,175</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">7,381,070</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">647,208</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">564,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,638,380</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Manpower
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,049,644</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">New
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">228,600</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">137,160</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">RHJ
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">157,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,729,527</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">160,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,968,575</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">270,000</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,641,320</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Spherion
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,000</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">551,200</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,600</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">48,708</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">309,377</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wright
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">841,500</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>
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<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>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,957,758</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 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>
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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">174,300</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,636,380</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
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<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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">14,006,136</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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>
</tr>
<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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">216,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,505,680</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">311,900</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">68,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,347,990</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Seneca
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">214,185</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,442,355</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 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>
</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">44,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,690,752</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,584</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MSC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,080,400</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ritchie
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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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,364,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Strategic
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,036,150</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">22,595,094</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 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>
</tr>
<tr>
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<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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</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 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>
</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">2,860,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arkansas
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,944</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">790,500</font></td>
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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">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,690,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">123,125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,540,625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">234,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,753,828</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">286,635</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,995,336</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Grupo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,231,722</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">87,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,974,576</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Landstar
 System</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">494,144</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">96,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,550,326</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Railpower
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">258,167</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">105,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,318,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Universal
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">115,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,883,255</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">46,315,423</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 Industrial Services - 0.5%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,920,938</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">159,133,163</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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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:10px; text-indent:-10px;"><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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,484,847</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">148,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,445,444</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">475,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Environmental
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">326,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,308,080</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">54,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">789,705</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,979,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">60,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,210,146</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">544,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,283,211</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">34,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,599,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Universal
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,320,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">226,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">207,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,222,584</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">37,345,377</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oil
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,100</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">1,455,042</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bill
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,629,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Carrizo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,083,783</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">193,990</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,392,007</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Falcon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">360,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">856,959</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hornbeck
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,190,310</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,635,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Particle
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">329,640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">18,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,327,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">PetroCorp
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pioneer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,574</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pogo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,392,770</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">153,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,157,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tesoro
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,435,140</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">W
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,007,750</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">37,007,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Precious
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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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Agnico-Eagle
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,035,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">300,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,329,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cambior
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">341,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,115,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Constellation
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">186,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">376,088</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Entree
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">211,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Etruscan
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">675,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,099,636</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gammon
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">196,300</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">3,553,030</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">227,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,418,360</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Golden
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">430,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">598,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,952,780</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IAMGOLD
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">170,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,467,100</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ivanhoe
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,348,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">111,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,291,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">245,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">830,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pan
 American Silver <a href="#page_a">a</a>,<a href="#page_c">c</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,041,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">QGX
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">115,597</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Randgold
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">963,010</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">177,439</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Western
 Silver <a href="#page_a">a</a>,<a href="#page_c">c</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">528,075</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Yamana
 Gold <a href="#page_a">a</a>,<a href="#page_c">c</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">80,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">740,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">31,024,735</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Real
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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:30px; 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">27,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,226,880</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Consolidated-Tomoka
 Land</font></p></td>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">842,731</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Trammell
 Crow Company <a href="#page_a">a</a>,<a href="#page_c">c</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">46,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,658,190</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,727,801</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
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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:30px; 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">55,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,815,528</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">110,921,241</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Technology - 22.8%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">45,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,003,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Armor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,107,510</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Astronics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">706,876</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Axsys
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">170,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ducommun
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,601,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">41,760</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hexcel
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,043,575</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Integral
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,344,102</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">8,019,278</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">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>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Adaptec
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">167,000</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">923,510</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">151,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,494,232</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Analogic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,655</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">3,816,761</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Belden
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,573,894</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">53,300</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">1,432,704</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,979,880</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Electronics
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">699,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Energy
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">115,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,680,290</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,965,695</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,342,565</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Imation
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">673,687</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">InFocus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">255,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,212,675</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">KEMET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">905,332</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kronos
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,775</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">1,449,797</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Methode
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">544,500</font></td>
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</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">346,950</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Newport
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">592,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,168,892</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">On
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</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">502,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,381,874</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plexus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">325,700</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,236,549</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Power-One
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">REMEC
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">143,387</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">189,271</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">439,400</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Richardson
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">161,000</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">1,513,400</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">SafeNet
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,240</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">959,635</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,051,536</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">221,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,208,086</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">7,462,576</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">5,702,173</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">224,500</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">186,000</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">2,648,640</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,525</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">3,422,198</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>
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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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">88,224,452</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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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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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">18,090</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">561,875</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,170,100</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">4,680,400</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">86,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,192,715</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>
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<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" align="right"><font face="Sans-Serif" size="2">19,679,417</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arbinet-thexchange
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">641,792</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,105,000</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">1,635,400</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,208,234</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">3,533,230</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CyberSource
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">111,600</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">EarthLink
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">527,160</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">eResearch
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,000</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">1,036,080</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Internap
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,448,900</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">1,361,966</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Internet
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">959,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lionbridge
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">296,625</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">RSA
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,000</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">251,160</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">RealNetworks
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">245,400</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">S1
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">SupportSoft
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">220,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">974,600</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>
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<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>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><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">15,662,397</font></td>
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</tr>
<tr>
<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" 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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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</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">657,500</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CIBER
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">63,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cogent
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">226,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,212,275</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Computer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">429,675</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covansys
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">238,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,106,691</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">DiamondCluster
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">860,280</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Forrester
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">899,496</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">126,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,757,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">468,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,371,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">127,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,601,842</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,568,956</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">731,602</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">5,582,123</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Syntel</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">152,679</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,888,687</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,785,368</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">50,952,305</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 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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">BE
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">352,640</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">43,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">619,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cabot
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">131,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,867,520</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Catalyst
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">980</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CEVA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,666</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">209,946</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cognex
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,639,092</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conexant
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,980</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,331</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">53,600</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">393,424</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">DSP
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,336,150</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">DTS
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,100</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">1,260,206</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exar
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">181,976</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">2,598,617</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fairchild
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">976,384</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">International
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</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">828,600</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,450</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">1,653,411</font></td>
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</tr>
<tr>
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,009,332</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MEMC
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">749,476</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novellus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,300</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">1,063,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pericom
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">571,880</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Power
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,000</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">1,214,220</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sanmina-SCI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</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">410,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Semitool
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">568,500</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Staktek
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">184,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,145,140</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Veeco
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,517,750</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">27,027,239</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">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:30px; 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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,083,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">342,815</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">BEA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,313,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Borland
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">230,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,242,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">iPass
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">268,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,149,884</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">JDA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,442,556</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">734,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ManTech
 International Cl. A <a href="#page_a">a</a>,<a href="#page_c">c</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">119,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,966,468</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Manugistics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,272</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">NAVTEQ
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,013,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">NetIQ
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">669,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">PLATO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">149,642</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,420,103</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Progress
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">887,245</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">SPSS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">179,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,686,136</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sybase
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,744,512</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">THQ
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">517,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Transaction
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">203,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,340,312</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Verint
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,414,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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 valign="bottom" align="right"><font face="Sans-Serif" size="2">32,073,063</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ADTRAN</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,000</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">1,701,700</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Broadwing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,740</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Catapult
 Communications <a href="#page_a">a</a>,<a href="#page_c">c</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">87,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,158,430</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covad
 Communications Group <a href="#page_a">a</a>,<a href="#page_c">c</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">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Foundry
 Networks <a href="#page_a">a</a>,<a href="#page_c">c</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">373,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,780,944</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Globecomm
 Systems <a href="#page_a">a</a>,<a href="#page_c">c</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,729,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDT
 Corporation <a href="#page_a">a</a>,<a href="#page_c">c</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">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">273,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDT
 Corporation Cl. B <a href="#page_a">a</a>,<a href="#page_c">c</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">719,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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">400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,072,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">PECO
 II <a href="#page_a">a</a>,<a href="#page_c">c</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">200,304</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Time
 Warner Telecom Cl. A <a href="#page_a">a</a>,<a href="#page_c">c</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,213,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tollgrade
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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 valign="bottom" align="right"><font face="Sans-Serif" size="2">297,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">USA
 Mobility <a href="#page_a">a</a>,<a href="#page_c">c</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">84,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,406,560</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">West
 Corporation <a href="#page_a">a</a>,<a href="#page_c">c</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">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,349,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Yak
 Communications <a href="#page_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">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">78,400</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">24,063,458</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">265,701,609</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Utilities - 0.2%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">CH
 Energy 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,136,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Southern
 Union</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,576</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">287,432</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</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="right"><font face="Sans-Serif" size="2">2,423,432</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Miscellaneous e - 2.1%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Total</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,213,154</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL COMMON STOCKS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $705,747,863)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,162,491,298</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCKS - 0.1%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">37,584</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Seneca
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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</font></td>
<td><font face="Sans-Serif" size="1">&#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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Seneca
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,503,225</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL PREFERRED STOCKS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $1,311,958)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,542,674</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2"><b>PRINCIPAL
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2"><b>AMOUNT</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
CORPORATE BONDS - 0.1%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dixie
 Group 7.00%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; 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">445,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">431,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL CORPORATE BONDS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $357,753)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">431,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
REPURCHASE AGREEMENTS - 19.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-20px;"><font face="Sans-Serif" size="2">State
 Street Bank &#038; Trust Company, 4.60% dated 3/31/06, due 4/3/06, maturity value $107,432,167
 (collateralized by<br>obligations of various U.S. Government Agencies, valued at $110,076,638)
 <br>(Cost $107,391,000)</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">107,391,000</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 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"><p style="margin-left:20px; text-indent:-20px;"><font face="Sans-Serif" size="2">Lehman
 Brothers (Tri-Party), 4.73% dated 3/31/06, due 4/3/06, maturity value $115,045,329
 (collateralized by<br>obligations of various U.S. Government Agencies, valued at $117,303,891)
 <br>(Cost $115,000,000)</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">115,000,000</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL REPURCHASE AGREEMENTS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $222,391,000)</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">222,391,000</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED - 10.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">U.S.
 Treasury Bonds</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">5.25%-8.875% due 8/15/17-5/15/30</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">167,974</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">169,563</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Money
 Market Funds</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">State
 Street Navigator Securities Lending Prime Portfolio (7 day yield-4.6423%)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">116,201,035</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL COLLATERAL RECEIVED FOR SECURITIES LOANED</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $116,370,598)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">116,370,598</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TOTAL INVESTMENTS - 128.9%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $1,046,179,172)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,503,227,220</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
LIABILITIES LESS CASH AND OTHER ASSETS - (10.0)%</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="right"><font face="Sans-Serif" size="2">(117,372,612</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PREFERRED STOCK - (18.9)%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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 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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
NET ASSETS APPLICABLE TO 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 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>1,165,854,608
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="3" 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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2"> <a name="page_a"></a>a</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Non-income
 producing.</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"> <a name="page_b"></a>b</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">At March 31, 2006, 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 period ended March 31, 2006:</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="33"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Shares</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Market Value</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Cost of</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Cost of</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Realized</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Dividend</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Shares</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" 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">Affiliated
 Company</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
12/31/05</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
12/31/05</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Purchases</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Sales</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
Income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
3/31/06</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
3/31/06</font></td>
</tr>
<tr>
<td valign="bottom"><hr size="1" color="#000000" noshade align="center" width="80%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="80%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="85%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="73%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="55%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="75%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="70%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="75%"></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade align="center" width="83%"></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Peerless Manufacturing</font></td>
<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">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="center"><font face="Sans-Serif" size="2">$2,775,500</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="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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="center"><font face="Sans-Serif" size="2">$3,092,700</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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="center"><font face="Sans-Serif" size="2">3,610,080</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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="center"><font face="Sans-Serif" size="2">5,171,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="33"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$6,385,580</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><p style="margin-right:0px;"><font face="Sans-Serif" size="2">-</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$8,264,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="33"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Sans-Serif" size="2"> <a name="page_c"></a>c</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">A portion of these securities were on loan at March 31, 2006. Total market value of loaned securities at March 31, 2006
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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>
</tr>
<tr>
<td width="1%" valign="top" align="left"><font face="Sans-Serif" size="2"> <a name="page_d"></a>d</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Securities for which market quotations are no longer readily available represent 0.1% of net assets.
These securities have been valued at their fair value under procedures established by the Fund's Board of Directors.</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>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"> <a name="page_e"></a>e</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Includes securities first acquired in 2006 and less than 1% of net assets applicable to Common Stockholders.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>INCOME TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes was $1,048,131,218.
At March 31, 2006, net unrealized appreciation for all securities was $455,096,002, consisting of aggregate gross unrealized
appreciation of $479,921,483 and aggregate gross unrealized depreciation of $24,825,481. The primary differences in book and tax
basis cost is the timing of the recognition of losses on securities sold for book and tax purposes.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Valuation
 of investments:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Investment transactions are accounted for on the trade date. 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.<br>Securities that trade on an exchange or Nasdaq, and securities traded on Nasdaq&#146;s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or, if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund's Board of Directors. Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established indepe
ndent pricing services. Investments in money market funds are valued at net asset value per share.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Repurchase
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</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The Fund may enter into repurchase agreements with institutions that the Fund's investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Securities
 Lending:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian. The collateral is equal to at least 100% of the current market value of the loaned securities. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" 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. 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>
<p><font face="Times New Roman" size="2">Item 2 - Controls and Procedures</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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 (as required by Rule
 30a-3(b) under the Investment Company Act of 1940 (the &#147;Act&#148;), that the
 Registrant&#146;s disclosure controls and procedures (as defined by Rule 30a-3(c)
 under the Act) 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="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b) </font>
</td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">There were
 no changes in the Registrant&#146;s internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) during the Registrant&#146;s last fiscal
 quarter that have materially affected, or are reasonably likely to materially affect,
 the internal control over financial reporting.</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Item 3 - Exhibits</font></p>
<p><font face="Times New Roman" size="2">Certifications
 pursuant to Rule 30a-2(a) under the Act are attached hereto.</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>SIGNATURES</b></font></p>
<p><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has
 duly caused this report to be signed on its behalf by the undersigned, thereunto
 duly authorized.</font></p>
<p><font face="Times New Roman" size="2">Royce Value Trust, Inc.<br>By: /s/ Charles M. Royce</font></p>
<p><font face="Times New Roman" size="2">Charles M. Royce<br>President, Royce Value
 Trust, Inc.<br>Date: May 16, 2006</font></p>
<p><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, this report has been
 signed below by the following persons on behalf of the Registrant and in the capacities
 and on the dates indicated.</font></p>
<p><font face="Times New Roman" size="2">By: /s/ Charles M. Royce</font></p>
<p><font face="Times New Roman" size="2">Charles M. Royce<br>President, Royce Value
 Trust, Inc.<br>Date: May 16, 2006</font></p>
<p><font face="Times New Roman" size="2">By: /s/ John D. Diederich</font></p>
<p><font face="Times New Roman" size="2">John D. Diederich<br>Treasurer, Royce Value
 Trust, Inc.<br>Date: May 16, 2006</font></p>
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<body>
<p align="right"><font face="Times New Roman" size="2"><b>Ex-99.CERT</b></font></p>
<p><font face="Times New Roman" size="2"><u>CERTIFICATION</u></font></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%" ><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">I have reviewed this report on Form N-Q of Royce Value Trust, Inc.;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the Registrant and have:</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Disclosed in this report any
change in the Registrant&#146;s internal control 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 control over financial reporting; and</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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 directors (or persons performing the equivalent functions):</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">All significant deficiencies
and material weaknesses in the design or operation of internal control 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Any fraud, whether or not
material, that involves management or other employees who have a significant role in the
Registrant&#146;s internal control over financial reporting.</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Times New Roman" size="2">Date: May 16,
 2006</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td width="27%" valign="top" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="34%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">/s/ Charles M. Royce</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr><tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Charles M. Royce</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">President</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">Royce Value Trust, Inc.</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<p><font face="Times New Roman" size="2"><u>CERTIFICATION</u></font></p>
<p><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">I have reviewed this report on Form N-Q of Royce Value Trust, Inc.;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Based on my knowledge, this
report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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) and internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the Registrant and have:</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">Designed such internal control
over financial reporting, or caused such internal control over financial reporting to be designed
under our supervision, to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;</font></td>
</tr>
<tr>
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<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">Disclosed in this report any
change in the Registrant&#146;s internal control 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 control over financial reporting; and</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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 directors (or persons performing the equivalent functions):</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="4%" valign="top"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Times New Roman" size="2">Any fraud, whether or not
material, that involves management or other employees who have a significant role in the
Registrant&#146;s internal control over financial reporting.</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="25%" valign="top" align="left"><font face="Times New Roman" size="2">Date: May 16,
 2006</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td width="27%" valign="top" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td width="34%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">/s/ John D. Diederich</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">John D. Diederich</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">Treasurer</font></td>
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<td valign="top" align="left"><font face="Times New Roman" size="2">Royce Value Trust, Inc.</font></td>
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