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<SEC-DOCUMENT>0000949377-07-000566.txt : 20071116
<SEC-HEADER>0000949377-07-000566.hdr.sgml : 20071116
<ACCEPTANCE-DATETIME>20071116153308
ACCESSION NUMBER:		0000949377-07-000566
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070930
FILED AS OF DATE:		20071116
DATE AS OF CHANGE:		20071116
EFFECTIVENESS DATE:		20071116

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:		071253144

	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>e83886.htm
<TEXT>
<html>
<body>
<p><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION
<br>Washington, D.C. 20549</font></p>
<p><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><font face="Times New Roman" size="2">Investment Company Act file number: 811-04875</font></p>
<p align="left"><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><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><font face="Times New Roman" size="2">Registrant&#146;s telephone number, including
 area code: (212) 486-1445</font></p>
<p><font face="Times New Roman" size="2">Date of fiscal year end: 12/31/2007</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 9/30/2007</font></p>
<hr noshade size="5" color="gray">
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">SCHEDULE OF
 INVESTMENTS</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">ROYCE VALUE
 TRUST</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">SEPTEMBER
 30, 2007 (UNAUDITED)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>COMMON
 STOCKS - 105.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font 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">
<b>SHARES</b></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">
<b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Consumer Products - 5.3%</b></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>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<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"><font face="Sans-Serif" size="2">Apparel and
 Shoes - 1.4%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">677,950</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">Columbia
 Sportswear</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,913,726</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">110,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,520,100</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">Quiksilver
 <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">124,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Skechers
 U.S.A. Cl. A <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,550</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">Tandy
 Brands Accessories</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">176,436</font></td>
<td><font face="Sans-Serif" size="1">&#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
 De Velde</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,584,534</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,674,029</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,792,735</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Collectibles
 - 0.2%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Russ
 Berrie &#038; Company <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">124,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,088,240</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Food/Beverage/Tobacco
 - 0.2%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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 <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,214,514</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">709</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,488,900</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 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>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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</tr>
<tr>
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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>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">286,180</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">503,316</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,866,598</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">325,000</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<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>
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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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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 align="left"><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">5,745,300</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<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">11,269,594</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<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">14,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">300,615</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">103,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">767,676</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,443,750</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">Matthews
 International Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,380,000</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">RC2
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,671,694</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sally
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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">194,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,644,370</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,208,105</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,813,144</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">818,400</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">Takkt</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,773,240</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 align="left"><font face="Sans-Serif" size="1">&#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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,591,640</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">224,250</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Media and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">300,150</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">Discovery
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,185,520</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,485,670</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Restaurants
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">114,246</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">133,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,576,397</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jamba
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,161</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">Krispy
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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">26,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,600</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">Morgans
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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">90,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,957,500</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">Steak
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">198,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,971,980</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">Tim
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,742,500</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,529,384</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Retail Stores
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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">America&#146;s Car-Mart <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">90,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,022,424</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">Bulgari</font></p></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">275,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,329,183</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,016,500</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">Children&#146;s Place Retail Stores <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,670</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">331,908</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">80,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">323,610</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">DSW
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">125,850</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">Fielmann</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,333,833</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">526,500</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">Gander
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">288,353</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gymboree
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">176,200</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">29,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">216,340</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">99
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">975,650</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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,086,708</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">Tiffany
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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">125,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,543,750</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><font face="Sans-Serif" size="1">&#160;</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">588,600</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">West
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">131,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,514,205</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">Wet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">162,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">626,940</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,026,554</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Consumer
 Services - 2.8%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,694,415</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,735,200</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">MoneyGram
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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">186,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,210,776</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Renaissance
 Learning</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">181,350</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">Sotheby&#146;s Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">382,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,265,338</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,140</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">Travelcenters
 of America <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><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>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,259,719</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,117,217</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Diversified
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Closed-End
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">131,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,292,645</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,292,645</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Banking -
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ameriana
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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">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">185,200</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">BOK
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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">159,427</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,196,142</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">356,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,125,000</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">265,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,736,500</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">Cadence
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">533,280</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">54,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">906,399</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">Farmers
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,266</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,975,800</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">Hawthorn
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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">44,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,376,400</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">Heritage
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">284,776</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">25,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">375,250</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">Jefferson
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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">32,226</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">338,695</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">Mechanics
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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">200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,820,000</font></td>
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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">Old
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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">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">495,000</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">Partners
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">608,500</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">Sun
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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">46,305</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">810,338</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">Tompkins
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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">17,545</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">696,537</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">W
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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">44,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,128</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">Whitney
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,068,390</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">Wilber
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">303,369</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">Wilmington
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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">31,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,205,900</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">Yadkin
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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">3,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,876</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,202,480</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Insurance
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,318</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,407,108</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Argo
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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">16,655</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">724,659</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,786,240</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">Erie
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,552,087</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Greenlight
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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">57,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,162,044</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">778,950</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">Leucadia
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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">84,940</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,095,807</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">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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,484,800</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">Montpelier
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,168,200</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">NYMAGIC</font></p></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">85,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,369,412</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">ProAssurance
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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">38,070</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,050,831</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">99,724</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,656,345</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">Security
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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">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">685,200</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">Stewart
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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">102,810</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">Wesco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,890,500</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">White
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,677,750</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">Zenith
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">89,780</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,682,523</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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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">897,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,184,700</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">Capstead
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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">91,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">936,508</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">Gladstone
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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">34,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">648,890</font></td>
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</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,770,098</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Securities
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cowen
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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">32,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">442,240</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">DundeeWealth</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">593,585</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">Evercore
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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">276,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,277,072</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">595,170</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">Interactive
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,085,044</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,306,592</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">KBW
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,439,000</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">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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,747,212</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">Lazard
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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">144,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,105,600</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">optionsXpress
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,385,420</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">Piper
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">536,000</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">464,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,150,417</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><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">26,663,352</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">AP
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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">237,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,039,200</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">JAFCO</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,383,346</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">KKR
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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">401,404</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,763,657</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">KKR
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,047,500</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">Kohlberg
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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">81,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,231,908</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,985,820</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">447,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,286,616</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,005,000</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">NGP
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">811,500</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">RHJ
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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">177,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,227,102</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 align="left"><font face="Sans-Serif" size="1">&#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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,781,649</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,100,102</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Information
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">FactSet
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,423,243</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,029,070</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">Interactive
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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">134,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,787,260</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">14,420</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">195,824</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">282,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,703,872</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,139,269</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Insurance
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brown
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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">115,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,024,500</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">Crawford
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,596,384</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><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">eHealth
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">692,500</font></td>
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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">Gallagher
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">111,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,221,464</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">Hilb
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,050</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,718,317</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,165,560</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,338,203</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">150,900</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,052,438</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">15,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,989,156</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">333,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,336,117</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">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">227,050</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">533,568</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">1,270,350</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">140,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,610,384</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">161,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,427,430</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">GAMCO
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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">158,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,691,280</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">138,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,584,884</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">SPARX
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">956,122</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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 align="left"><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">68,289,059</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">AmeriCredit
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">331,735</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,600</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">116,601</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,693,483</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">Deutsche
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,150,636</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">20,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">237,180</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">FCStone
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130,694</font></td>
<td><font face="Sans-Serif" size="1">&#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
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">915,213</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">Ocwen
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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">50,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">471,500</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">World
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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">21,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">717,836</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,563,137</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">113,329,668</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Commercial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,777,270</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,946,399</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,723,669</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Drugs and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">253,700</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">Antigenics
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">235,341</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Biovail
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">715,644</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">Endo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,806,550</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">Gene
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">434,350</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">Genitope
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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">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">448,000</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">Human
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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">90,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">926,100</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">K-V
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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">51,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,472,900</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">Medicines
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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">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">356,200</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">Millennium
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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">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,015,000</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">Mylan
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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">52,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">833,112</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,607,500</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">Origin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">217,074</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">191,950</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,098,133</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">Pharmanet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">290,300</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">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">114,070</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">649,058</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">Sunesis
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">690,000</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">VIVUS
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">809,968</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,858,930</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Health Services
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,283,500</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">Cross
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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">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">524,100</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">Eclipsys
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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">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">466,400</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">Gentiva
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">579,182</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">HMS
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,230,500</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">HealthSouth
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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">200,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,502,000</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">Lincare
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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">52,562</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,926,397</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,893</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">850,508</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">247,000</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">On
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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">375,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,506,236</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">Paramount
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,960,000</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">65,460</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,495,106</font></td>
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</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,570,929</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left: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">210,612</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,423,737</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">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">558,900</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">Atrion
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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">15,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,968,750</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">Bruker
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,257,760</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">Coloplast
 Cl. B</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,616,136</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">CONMED
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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">81,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,281,185</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">IDEXX
 Laboratories <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,657,610</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,410,478</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,694,738</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,789,556</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">Zoll
 Medical <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,047,168</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,706,018</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Personal Care
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">346,788</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,701,875</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,048,663</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">86,908,209</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Automotive
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">ElringKlinger</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,890,757</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fuel
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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">22,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">401,850</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">LKQ
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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">200,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,962,000</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">Quantam
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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">15,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,050</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">SORL
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">157,528</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,127,880</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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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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<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">216,792</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,765,032</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">Simpson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">250,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,987,980</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,969,804</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Construction
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">50,518</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">11,770,694</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><font face="Sans-Serif" size="1">&#160;</font></td>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,490,952</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">Synalloy
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">198,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,194,680</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">USG
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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">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">938,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,395,076</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Barnes
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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">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">638,400</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">C&#038;D Technologies <sup><a href="#page_a">a</a>,<a href="#page_b">b</a></sup></font></p></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">345,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,721,586</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">83,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,856,535</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">Donaldson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,875,328</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">GrafTech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,790</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,155,854</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">PerkinElmer</font></p></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">135,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,943,350</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">Powell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,501,036</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">II-VI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">466,155</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,158,244</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Machinery
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">A.S.V.
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<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">900,096</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">912,302</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">188,680</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,643,455</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">898,275</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">172,200</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,646,162</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">676,107</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,035,520</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69,605,538</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">189,700</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">546,696</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,920</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,465,517</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,312,509</font></td>
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<tr>
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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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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,762,778</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">Peak
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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">1,110,848</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,873,626</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">78,410</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">705,690</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,666</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">520,520</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,875</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">344,419</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">181,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,448,695</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">89,344</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">220,900</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">206,878</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">329,440</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">143,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,823,363</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">22,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">635,140</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">Spartech
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,300</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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">15,181,854</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,100</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">399,025</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,553,792</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,342,912</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,880</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">Maxwell
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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">21,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">250,045</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mettler-Toledo
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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">28,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,927,400</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">Myers
 Industries</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,499</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">604,490</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">Peerless
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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">297,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,132,800</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">Raven
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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">86,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,452,310</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">Solar
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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">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">115,087</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Somfy</font></p></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">9,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,105,718</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,990</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,085,251</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,596,685</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">207,049,426</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Advertising
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Focus
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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">71,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,171,638</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,293,800</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">Lamar
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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">31,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,518,070</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">MDC
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">651,600</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">ValueClick
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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">45,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,010,700</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,645,808</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Commercial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">188,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,407,200</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">Anacomp
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">182,000</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">Animal
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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">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">278,250</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">BB
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">289,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,228,632</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">Canadian
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">472,000</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">Convergys
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,100,560</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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,437,059</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">Diamond
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">739,680</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">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">88,350</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">949,871</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">Headwaters
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">114,576</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">Hewitt
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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">208,720</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,315,636</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">Iron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">234,262</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,140,306</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">948,384</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">MPS
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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">564,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,295,290</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">MAXIMUS</font></p></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">127,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,573,882</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">New
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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">228,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">377,190</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">28,137</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">374,194</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">185,745</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">Spherion
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">437,780</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,016</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">5,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">129,114</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">Viad
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,025</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">324,900</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">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">30,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,094,700</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,233,315</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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">49,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,480,742</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,087,365</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">Fleetwood
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">234,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,003,265</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">Insituform
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,086,510</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">Integrated
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">305,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,821,294</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">KBR
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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">115,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,458,550</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,937,726</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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>
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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">MGP
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">127,400</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">301,300</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">Seneca
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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">80,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,175,200</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">Seneca
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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">13,251</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">355,789</font></td>
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</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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 align="left"><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">4,140,687</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,062</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,011,800</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">310,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,207,040</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,068,210</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Printing -
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<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">68,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,134,546</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" 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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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,460</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">Atlas
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">877,710</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><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">4,343,200</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">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">254,750</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,586,455</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">Frozen
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,929,054</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">174,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,237,232</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">26,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,099,614</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,896,702</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">109,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,518,608</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,527,596</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,071,431</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,008,184</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">150,239,907</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Energy Services
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,250,864</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cal
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left: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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,873,296</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,273,900</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">Ensign
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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">126,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,384,672</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,727,800</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">Exterran
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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">157,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,653,550</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">Global
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,403,920</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">Helix
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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">34,226</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,453,236</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,646,098</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">ION
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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">464,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,424,035</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,223,475</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">Particle
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">202,950</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">SEACOR
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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">147,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,979,700</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">Superior
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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">20,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">225,000</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">TETRA
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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">68,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,437,520</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">Willbros
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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">103,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,529,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,289,216</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Oil and Gas
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,970,500</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,870,662</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">Cimarex
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,226,128</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">209,923</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,880</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,446,062</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><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">Storm
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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">330,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">248,100</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">W
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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">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">609,500</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,580,875</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Precious Metals
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,693,200</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">Centerra
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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">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">271,452</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,138</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">Etruscan
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,072,583</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">178,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,111,072</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">Golden
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">708,750</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">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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,352,100</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">335,620</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,909,825</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">189,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">839,160</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">Ivanhoe
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,827,000</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">Kinross
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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">110,286</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,652,084</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,012,100</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">Miramar
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,109,300</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">Northgate
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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">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">284,000</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">Pan
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,184,900</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">Randgold
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,761,720</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">Royal
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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">34,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,126,600</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">Yamana
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">942,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,980,384</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Real Estate
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,170,180</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">Consolidated-Tomoka
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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">13,564</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">911,636</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tejon
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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">69,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,856,600</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">The
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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">180,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,053,161</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,991,577</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other Natural
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,085,810</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">118,927,862</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Aerospace
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aerovironment
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,224</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">359,659</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">Astronics
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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">52,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,283,068</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">Axsys
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">309,600</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">Ducommun
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,785,560</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">Hexcel
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,078,725</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">Integral
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,876</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">856,935</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><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">8,728,771</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">40,135</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,559,008</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,711,398</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">Benchmark
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">208,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,969,734</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,060</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,479,423</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><font face="Sans-Serif" size="1">&#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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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,436,260</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">671,500</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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">105,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,396,960</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">168,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,204,075</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,168,500</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">Imation
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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">15,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">385,121</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">228,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">387,770</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">702,660</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">752,500</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">Nam
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,416</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,019,206</font></td>
<td><font face="Sans-Serif" size="1">&#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">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">191,600</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">Perceptron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">397,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,722,560</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,924,180</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">Radiant
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">514,475</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">116,700</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,173,390</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">221,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,561,598</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">311,200</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,386,840</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">159,680</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">4,429,523</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">186,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,423,580</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">Zebra
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,525</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,792,397</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">78,829,069</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,125</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">2,790,612</font></td>
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<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Anixter
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,795</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,094,998</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">86,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,470,380</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,355,990</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<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">87,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">523,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,087,600</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,157,730</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="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">437,184</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">144,890</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">268,400</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><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>
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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>
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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">Kongzhong
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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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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td 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><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,611,083</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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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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<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">answerthink
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">829,100</font></td>
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<tr>
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<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>
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<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">78,100</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">204,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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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">439,785</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><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>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">806,602</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,412,299</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">152,679</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">219,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,116,842</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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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>
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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">Actions
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,300</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">134,136</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">Advanced
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,130</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">Applied
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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">55,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">174,116</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">Axcelis
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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">135,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">689,850</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">BE
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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">58,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">371,200</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">Brooks
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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">15,152</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">215,764</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">Cabot
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,608,800</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">CEVA
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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">31,666</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">284,677</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">Cognex
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,511,152</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><font face="Sans-Serif" size="1">&#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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,820,450</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">Diodes
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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">297,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,548,145</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">173,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,055,198</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">232,576</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,037,443</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">956,416</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">Himax
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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">100,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">406,000</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,310</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">92,837</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">120,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,958,800</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">Intevac
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">873,240</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">Jazz
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,280,000</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">Kulicke
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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">105,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">897,184</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">7,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,080</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">12,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">327,120</font></td>
<td><font face="Sans-Serif" size="1">&#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">15,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">192,168</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">679,760</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">49,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,455,790</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">200,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">424,000</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">50,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">485,000</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">184,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">635,368</font></td>
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<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tessera
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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">12,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">468,750</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">TriQuint
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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">35,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">172,832</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">Veeco
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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">65,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,259,700</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">Vimicro
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">849,600</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">Virage
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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">100,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">742,000</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,784,706</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Software -
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">ACI
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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">238,150</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,322,653</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">Advent
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,486,096</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">ANSYS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,417,000</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">388,072</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Avid
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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">68,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,841,440</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">BEA
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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">65,610</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">910,011</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,218,000</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">Epicor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,100,223</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,063,934</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">MSC.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 valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">681,000</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">ManTech
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,296,012</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,457,900</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">Net
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,358,500</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">565,647</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">924,150</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,388,744</font></td>
<td><font face="Sans-Serif" size="1">&#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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,910,538</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">499,600</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">Verint
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,036,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45,865,520</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Telecommunications
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,584,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,871,262</font></td>
<td><font face="Sans-Serif" size="1">&#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>
<td><font face="Sans-Serif" size="1">&#160;</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,496,950</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">Arris
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,865</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">Catapult
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">665,444</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">Comtech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">154,785</font></td>
<td><font face="Sans-Serif" size="1">&#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
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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">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,450</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">Foundry
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,635,318</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Globalstar
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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">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">366,500</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">Globecomm
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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">233,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,098,862</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,219,600</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">IDT
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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">108,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">857,444</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">IDT
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">795,150</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">Level
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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">401,341</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,866,236</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">NMS
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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">380,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">467,400</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">Sycamore
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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">171,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">695,970</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tandberg</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">842,337</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tekelec
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,220</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">202,400</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">Zhone
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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">850,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,011,500</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,442,693</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">280,734,674</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Utilities
 - 0.2%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,127,100</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">Southern
 Union</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">360,129</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,487,229</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Miscellaneous
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Total</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,678,111</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>TOTAL COMMON
 STOCKS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $855,900,115)</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="right"><font face="Sans-Serif" size="2">1,300,678,194</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>PREFERRED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Duratex</font></p></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,444,343</font></td>
<td><font face="Sans-Serif" size="1">&#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
 Foods Conv. <sup><a href="#page_a">a</a>,<a href="#page_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,080,035</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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>TOTAL PREFERRED
 STOCKS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $2,516,175)</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="right"><font face="Sans-Serif" size="2">3,524,378</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 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><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"><font face="Sans-Serif" size="2"><b>CORPORATE
 BONDS - 0.1%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Dixie Group 7.00%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conv.
 Sub. Deb. due 5/15/12</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$352,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">330,880</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>TOTAL CORPORATE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $295,794)</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="right"><font face="Sans-Serif" size="2">330,880</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>REPURCHASE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</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, 4.75% dated 9/28/07, due 10/1/07, maturity value $34,617,697
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $34,604,000)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,604,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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), 4.55% dated 9/28/07, due 10/1/07, maturity value $115,043,604
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(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><font face="Sans-Serif" size="1">&#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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>TOTAL REPURCHASE
 AGREEMENTS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $149,604,000)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">149,604,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>COLLATERAL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Federal Home
 Loan Bank</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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">4.36%
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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">12,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,437</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">U.S. Treasury
 Bonds</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2.375%
 due 1/15/27</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,892</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,940</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Money Market
 Funds</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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-5.23%)</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="right"><font face="Sans-Serif" size="2">141,650,588</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>TOTAL COLLATERAL
 RECEIVED FOR SECURITIES LOANED</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $141,672,965)</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="right"><font face="Sans-Serif" size="2">141,672,965</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>TOTAL INVESTMENTS
 - 129.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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 $1,149,989,049)</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="right"><font face="Sans-Serif" size="2">1,595,810,417</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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>LIABILITIES
 LESS CASH AND OTHER ASSETS - (11.6)%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(143,012,460</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>PREFERRED
 STOCK - (17.9)%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(220,000,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS - 100.0%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>1,232,797,957
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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_a"></a>a</font></td>
<td width="2%"><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"> All or a
 portion of these securities were on loan at September 30, 2007. Total market value
 of loaned securities at September 30, 2007 was $137,019,800.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><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_c"></a>c</font></td>
<td><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 0.2% of net
 assets. These securities have been valued at their fair value under procedures established
 by the Fund&#146;s Board of Directors.</font></td>
</tr>
<tr>
<td align="left"><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_d"></a>d</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 2007 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" colspan="38"><font face="Sans-Serif" size="2"><b>INCOME
 TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes
 was $1,151,144,043. At September 30, 2007, net unrealized appreciation for all securities
 was $444,666,374, consisting of aggregate gross unrealized appreciation of $508,197,502
 and aggregate gross unrealized depreciation of $63,531,128. The primary difference
 in book and tax basis cost is the timing of the recognition of losses on securities
 sold.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" colspan="37"><font face="Sans-Serif" size="2"> At September
 30, 2007, the Fund owned 5% or more of the Company&#146;s outstanding voting securities
 thereby making the Company an Affiliated Company as that term is defined in the
 Investment Company Act of 1940. The Fund effected the following transactions in
 shares of such companies during the period ended September 30, 2007:</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="37"><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 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" nowrap><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" nowrap><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" nowrap><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" nowrap><font face="Sans-Serif" size="2">
Market Value</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="left"><font face="Sans-Serif" size="2"><u>
Affiliated Company</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
12/31/2006</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
12/31/2006</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
Purchases</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
Sales</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center" nowrap><font face="Sans-Serif" size="2"><u>
Gain (Loss)</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
Income</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
9/30/2007</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>
9/30/2007</u></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="37"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>

<tr>
<td width="4%" align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Synalloy Corporation<a href="#page_star">*</a></font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2">345,000</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2">6,361,800</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">-</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$761,702</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$5,317,318</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2">51,750</font></td>
<td width="2%"><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="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="37"><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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,361,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$5,317,318</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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" colspan="37"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left" colspan="37"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page_star"></a>*</font></td>
<td valign="bottom" align="left" colspan="37"><font face="Sans-Serif" size="2">Not an Affiliated
 Company at September 30, 2007.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Valuation
 of investments:</b></font></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" 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 (NYSE) (generally 4:00 p.m. Eastern
 time) on the valuation date. Securities that trade on an exchange, 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 highest bid price. Securities for which market quotations are
 not readily available are valued at their fair value under procedures established
 by the Fund&#146;s Board of Directors. The Fund values its non-U.S. securities
 in U.S. dollars on the basis of foreign currency exchange rates provided to the Fund by
 its custodian, State Street Bank and Trust Company. In addition, if between the time trading
 ends on a particular security and the close of the customary trading session on
 the NYSE, events occur that are significant and may make the closing price unreliable,
 the Fund may fair value the security. The Fund uses an independent pricing service
 to provide fair value estimates for relevant non-U.S. equity securities on days
 when the U.S. market volatility exceeds a certain threshold. This pricing service
 uses proprietary correlations it has developed between the movement of prices of
 non-U.S. equity securities and indices of U.S.-traded securities, futures contracts
 and other indications to estimate the fair value of relevant non-U.S. securities.
 Bonds and other fixed income securities may be valued by reference to other securities
 with comparable ratings, interest rates and maturities, using established independent
 pricing services. 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Repurchase
 Agreements:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The Fund may
 enter into repurchase agreements with institutions that the Fund&#146;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 the underlying
 securities.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td 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 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
 cash equivalents and 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 align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other information
 regarding the Fund is available in the Fund&#146;s most recent Prospectus and Report
 to Stockholders. This information
 is available through The Royce Funds (www.roycefunds.com) and on the Securities
 and Exchange Commission&#146;s website (www.sec.gov).</font></td>
</tr>
</table>
<br>
<hr noshade size="5" color="gray">
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Item 2 - Controls and Procedures</font></p>
<p><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;&#160;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></p>
<p><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;&#160;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></p>
<hr noshade size="5" color="gray">
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Item 3 - Exhibits</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;Certifications pursuant to Rule 30a-2(a)
 under the Act are attached hereto.</font></p>
<p><font face="Times New Roman" size="2">SIGNATURES</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:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u> <br>Charles M. Royce
<br>President, Royce Value Trust, Inc.<br> Date: November 15, 2007</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:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u> <br>Charles M. Royce
<br>President, Royce Value Trust, Inc.<br> Date: November 15, 2007</font></p>
<p><font face="Times New Roman" size="2">By:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/John D. Diederich</u> <br>John D. Diederich<br>
Treasurer, Royce Value Trust, Inc.<br> Date: November 15, 2007</font></p>
</body>
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<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e83886_ex99.htm
<TEXT>
<html>
<body>
<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<p><font face="Times New Roman" size="2">1.&#160;I have reviewed this report on Form N-Q
 of Royce Value Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2.&#160;Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3.&#160;Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4.&#160;The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) 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></p>
<p><font face="Times New Roman" size="2">(a)&#160;Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the Registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">(b)&#160;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></p>
<p><font face="Times New Roman" size="2">(c)&#160;Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">(d)&#160;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></p>
<p><font face="Times New Roman" size="2">5.&#160;The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of directors (or persons performing the
 equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">(a)&#160;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></p>
<p><font face="Times New Roman" size="2">(b)&#160;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></p>
<p><font face="Times New Roman" size="2">Date: November 15, 2007</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br> Charles M. Royce
<br> President<br> Royce Value Trust, Inc.</font></p>
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<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<p><font face="Times New Roman" size="2">1.&#160;I have reviewed this report on Form N-Q
 of Royce Value Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2.&#160;Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3.&#160;Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4.&#160;The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) 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></p>
<p><font face="Times New Roman" size="2">(a)&#160;Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the Registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">(b)&#160;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></p>
<p><font face="Times New Roman" size="2">(c)&#160;Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">(d)&#160;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></p>
<p><font face="Times New Roman" size="2">5.&#160;The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of directors (or persons performing the
 equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">(a)&#160;All significant deficiencies and material
 weaknesses in the design or operation of internal controls over financial reporting
 which are reasonably likely to adversely affect the Registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">(b)&#160;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></p>
<p><font face="Times New Roman" size="2">Date: November 15, 2007</font></p>
<p><font face="Times New Roman" size="2"><u>/s/John D. Diederich</u><br>John D. Diederich<br>
 Treasurer<br> Royce Value Trust, Inc.</font></p>
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