<SEC-DOCUMENT>0000949377-11-000313.txt : 20110526
<SEC-HEADER>0000949377-11-000313.hdr.sgml : 20110526
<ACCEPTANCE-DATETIME>20110526100545
ACCESSION NUMBER:		0000949377-11-000313
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110526
DATE AS OF CHANGE:		20110526
EFFECTIVENESS DATE:		20110526

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:		11872822

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>d28196.htm
<DESCRIPTION>N-Q
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">UNITED STATES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">FORM N-Q</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">MANAGEMENT INVESTMENT COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Investment Company Act File Number: 811-04875</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Name of Fund: Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Fund Address: 745 Fifth Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> New York, NY 10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Name and address of agent for service:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John E. Denneen, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce &amp; Associates, LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">745 Fifth Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, NY 10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code: (212)
508-4500</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end: 12/31/2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of reporting period: 3/31/2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Item 1 - Schedule of Investments</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>

<P STYLE="margin: 0">&nbsp;</P>


<PAGE>

<P align=justify><FONT SIZE=2 FACE="ARIAL">SCHEDULE OF
INVESTMENTS <BR>
ROYCE VALUE TRUST <BR>
MARCH 31, 2011 (UNAUDITED) </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN="BOTTOM">
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN="BOTTOM">
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>COMMON STOCKS &#150; 108.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Consumer Discretionary &#150; 12.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Auto
 Components - 0.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Autoliv</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">14,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,098,604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China XD Plastics <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">89,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">466,295</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Gentex Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,512,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hirotako Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">286,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">171,860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Minth Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,136,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,898,554</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Nokian Renkaat</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">851,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Norstar Founders Group <SUP><a href="#b">b</a>,<a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">524,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">24,588</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SORL Auto Parts <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">107,092</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">648,978</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Superior Industries International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,025,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Williams Controls</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">37,499</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">414,739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,112,888</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Automobiles
 - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Thor Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,668,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Winnebago Industries <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">222,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,974,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,643,325</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Distributors
 - 0.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">LKQ Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">230,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,543,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Weyco Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">97,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,396,884</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,939,884</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT  color="#004b8e" SIZE=2 FACE="ARIAL">Diversified
 Consumer Services - 2.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Anhanguera Educacional Participacoes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,448,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Benesse Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">29,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,219,872</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cambium Learning Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">54,466</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">185,184</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ChinaCast Education <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">179,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,130,942</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Corinthian Colleges <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">59,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">262,990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ITT Educational Services <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">26,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,875,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MegaStudy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,541,365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Regis Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">233,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,147,612</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sotheby&#146;s</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">172,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,073,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Universal Technical Institute</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">925,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">24,811,965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Hotels,
 Restaurants &amp; Leisure - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Abu Dhabi National Hotels <SUP><a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">99,108</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ajisen China Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,157,028</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Benihana <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">28,017</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cafe de Coral Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">72,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">169,019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CEC Entertainment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">64,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,418,493</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fairwood Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,945</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kangwon Land</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">580,018</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">REXLot Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,176,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">793,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,295,098</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Household
 Durables - 1.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">All American Group (Escrow) <SUP><a href="#b">b</a>,<a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Allan International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">159,284</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Desarrolladora Homex ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">14,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">384,225</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ekornes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">802,857</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ethan Allen Interiors</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">345,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,573,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hanssem</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">619,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Harman International Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,074,519</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hunter Douglas</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">509,696</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mohawk Industries <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">128,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,839,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">NVR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">378,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Samson Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">220,607</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Universal Electronics <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">295,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Woongjin Coway</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,704,535</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">21,561,705</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Internet
 &amp; Catalog Retail - 0.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Manutan International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">27,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,979,828</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Takkt</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,072,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,052,482</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Leisure
 Equipment &amp; Products - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Beneteau</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">759,420</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">RC2 Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">132,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,726,060</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sturm, Ruger &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">220,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,067,182</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,552,662</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Media - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Global Sources <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">34,421</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">400,316</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lamar Advertising Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">51,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,883,940</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Morningstar</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">109,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,410,124</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pico Far East Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,785,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,299,683</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,994,063</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Multiline
 Retail - 0.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">New World Department Store China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,053,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,435,784</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ramayana Lestari Sentosa</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,075,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">442,952</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,878,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Specialty
 Retail - 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aeropostale <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">612,864</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ascena Retail Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">68,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,212,955</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CarMax <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">63,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,022,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Charming Shoppes <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">475,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,027,334</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Dickson Concepts (International)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">953,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">708,516</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Dover Saddlery <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">17,821</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">76,096</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fast Retailing</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">350,421</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hengdeli Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">385,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">203,061</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Jos. A. Bank Clothiers <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,526,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lewis Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,202,513</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Luk Fook Holdings (International)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">195,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">578,432</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Stein Mart</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">167,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,696,458</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Systemax <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">224,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,028,480</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">West Marine <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">131,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,367,373</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">18,613,203</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Textiles,
 Apparel &amp; Luxury Goods - 2.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Anta Sports Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">198,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">307,802</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Burberry Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">941,665</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Carter&#146;s <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">236,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,756,680</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Dongxiang Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,145,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">362,111</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Columbia Sportswear</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">38,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,293,612</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Daphne International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,613,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,219,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Grendene</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,470,003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">J.G. Boswell Company <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,292</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,856,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">K-Swiss Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">163,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,843,772</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lazare Kaplan International <SUP><a href="#b">b</a>,<a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">95,437</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">125,977</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pacific Textiles Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,170,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,255,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Stella International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">763,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,703,963</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Texwinca Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">401,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">425,304</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Unifi <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">685,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Van De Velde</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">845,856</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Volcom</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">101,494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,880,684</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Warnaco Group (The) <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">67,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,831,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Wolverine World Wide</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,728,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">31,534,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">147,990,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;



 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Consumer Staples &#150; 2.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Beverages - 0.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MGP Ingredients</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">127,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,110,928</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Thai Beverage</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">786,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">180,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,291,853</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Food &amp;
 Staples Retailing - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">FamilyMart</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">105,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,978,571</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">QKL Stores <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">198,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,176,571</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Food
 Products - 1.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Alico</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">27,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">722,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Asian Citrus Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">587,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">649,874</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Binggrae</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,415</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,324,119</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">BW Plantation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,838,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">247,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cal-Maine Foods</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,472,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Chaoda Modern Agriculture (Holdings)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">178,872</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">111,298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Green (Holdings)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,272,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,746,670</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">First Resources</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">896,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">939,027</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Grupo Herdez</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">605,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hershey Creamery <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">709</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,230,115</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Origin Agritech <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">76,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">591,360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Seneca Foods Cl. A <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">110,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,285,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Seneca Foods Cl. B <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,251</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">393,422</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Super Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">735,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">752,202</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Tootsie Roll Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">108,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,078,955</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Westway Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">31,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">140,175</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Yuhe International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,886</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">405,501</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">17,695,602</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23,164,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT  color="#004b8e" SIZE=2 FACE="ARIAL"><B>Diversified Investment Companies &#150; 0.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Closed-End
 Funds - 0.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Central Fund of Canada Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">257,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,749,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,749,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Energy &#150; 7.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Energy
 Equipment &amp; Services - 6.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Atwood Oceanics <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">710,379</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cal Dive International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">456,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,184,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Calfrac Well Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,450,490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CARBO Ceramics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">44,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,308,064</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ensco ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,348,304</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ensign Energy Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">225,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,239,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Exterran Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">103,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,458,428</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Helmerich &amp; Payne</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">98,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,745,358</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ION Geophysical <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">361,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,587,435</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lufkin Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">62,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,795,140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">National-Oilwell Varco</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">562,817</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Oil States International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">156,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">11,915,910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pason Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">141,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,303,610</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SEACOR Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">37,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,448,758</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ShawCor Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">80,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,027,365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SinoTech Energy ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">798,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">TETRA Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">68,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,047,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">TGS-NOPEC Geophysical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">105,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,817,594</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Tidewater</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,154,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Trican Well Service</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">99,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,255,607</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Unit Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">43,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,663,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Willbros Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">103,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,133,496</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">71,956,665</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Oil, Gas
 &amp; Consumable Fuels - 0.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Bill Barrett <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,995,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Chesapeake Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">11,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">398,888</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cimarex Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,762,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">HRT Participacoes em Petroleo <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">208,373</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Resolute Energy <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">141,134</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,560,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,924,931</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">82,881,596</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Financials &#150; 20.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Capital
 Markets - 10.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">A.F.P. Provida ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,664,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ABG Sundal Collier Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">115,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">158,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Affiliated Managers Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,206,012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">AllianceBernstein Holding L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">264,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,768,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">AP Alternative Assets L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">233,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,856,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Artio Global Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">235,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,797,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ashmore Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">582,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,096,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Azimut Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">72,183</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">807,129</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Banca Generali</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">86,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,308,982</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Bank Sarasin &amp; Co. Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">33,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,442,352</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Banque Privee Edmond de Rothschild</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">701,143</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">BKF Capital Group <SUP><a href="#b">b</a>,<a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">139,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">BT Investment Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">207,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">586,662</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Close Brothers Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">43,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">582,886</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Coronation Fund Managers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">526,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,384,006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cowen Group Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">708,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,841,486</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Daewoo Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">102,101</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Eaton Vance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">85,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,750,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Egyptian Financial Group-Hermes<BR>Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">599,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,209,081</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Epoch Holding Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">394,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Equity Trustees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">578,032</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Evercore Partners Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">524,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">F&amp;C Asset Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">72,959</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">FBR Capital Markets <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">249,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">893,568</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Federated Investors Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">249,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,679,475</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fiducian Portfolio Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">227,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">340,456</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GAMCO Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">90,575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,199,057</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GFI Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">166,247</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">834,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GIMV</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,355,197</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Gleacher &amp; Company <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">293,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">509,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GP Investments BDR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">HQ <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">24,208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Investec</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">118,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">904,265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">IOOF Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">123,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">926,821</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">KKR &amp; Co. L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">415,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,810,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lazard Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">109,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,544,694</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MF Global Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">689,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,704,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mizuho Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">492,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,307,986</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MVC Capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">214,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,938,824</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Oppenheimer Holdings Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,513,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Paris Orleans et Cie</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">183,785</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,105,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Partners Group Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">16,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,097,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Perpetual</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,541</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">407,438</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Phatra Capital <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">775,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">768,722</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Platinum Asset Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">149,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">741,308</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Rathbone Brothers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">690,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Reinet Investments <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">133,127</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,349,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Schroders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">41,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,144,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SEI Investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">334,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,980,696</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SHUAA Capital <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">485,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">146,580</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SPARX Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">140,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sprott</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">269,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,522,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Teton Advisors Cl. A <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">723</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,399</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Treasury Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">51,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">245,037</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Trust Company (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">97,283</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">620,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">UOB-Kay Hian Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">190,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">265,292</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Value Partners Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,162,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,768,174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Vontobel Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">788,459</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">VZ Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,230,811</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Waddell &amp; Reed Financial Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">139,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,656,973</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Westwood Holdings Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23,460</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">944,265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Woori Investment &amp; Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">11,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">201,559</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">121,346,258</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Commercial
 Banks - 1.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ameriana Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">184,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Bank of N.T. Butterfield &amp; Son <SUP><a href="#b">b</a>,<a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">942,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,187,555</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">BCB Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">598,676</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">734,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Center Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">44,868</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">430,284</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CNB Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">11,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">161,293</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Commercial National Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">54,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,035,414</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Farmers &amp; Merchants Bank of Long<BR>Beach</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,040,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fauquier Bankshares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">160,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,227,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hawthorn Bancshares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">48,023</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">432,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">M&amp;T Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">274,257</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mauritius Commercial Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">238,028</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mechanics Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,385,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Old Point Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">288,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Peapack-Gladstone Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">139,230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sumitomo Mitsui Trust Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">118,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">418,490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Wilmington Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">279,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,263,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">16,439,361</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Consumer
 Finance - 0.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">World Acceptance <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">42,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,738,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT  color="#004b8e" SIZE=2 FACE="ARIAL">Diversified
 Financial Services - 1.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Banca Finnat Euramerica</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">870,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">585,658</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hellenic Exchanges</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">115,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,010,463</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Interactive Brokers Group Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,589,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Investment AB Kinnevik Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">249,365</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">KKR Financial Holdings LLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">481,404</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,712,945</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Leucadia National</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">44,940</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,687,048</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">PICO Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">106,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,189,366</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">RHJ International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">102,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">827,999</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">State Bank of Mauritius</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">46,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">152,253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">TMX Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">94,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,775,891</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">17,779,988</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Insurance -
 4.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Alleghany Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">29,230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,674,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Argo Group International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">64,751</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,139,373</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aspen Insurance Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,295,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Brown &amp; Brown</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">286,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,402,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Taiping Insurance Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">367,999</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Crawford &amp; Company Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,521</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Discovery Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">255,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,436,519</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">eHealth <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">425,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">E-L Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">17,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,991,542</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Enstar Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,019,274</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Erie Indemnity Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,555,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">First American Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">44,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">726,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Gallagher (Arthur J.) &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">111,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,381,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hilltop Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">290,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,915,616</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Independence Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">317,658</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,534,911</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Markel Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,740,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Montpelier Re Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">565,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Platinum Underwriters Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,866,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ProAssurance Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,394,140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">RLI</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">80,724</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,653,739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Validus Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">16,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">543,279</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">White Mountains Insurance Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">382,410</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">58,017,487</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Real Estate
 Management &amp; Development - 1.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Altisource Portfolio Solutions <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">61,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,892,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Consolidated-Tomoka Land</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,564</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">439,474</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">E-House China Holdings ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">294,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,459,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Forestar Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">48,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">912,960</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hopefluent Group Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">713,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">433,928</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">IFM Investments ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">190,452</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">676,105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kennedy-Wilson Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,629,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Midland Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">732,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">569,879</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Soho China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">645,043</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Tejon Ranch <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">307,496</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">11,297,403</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">21,955,917</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Thrifts
 &amp; Mortgage Finance - 0.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CFS Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">421,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">HopFed Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">106,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">980,628</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Jefferson Bancshares <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">12,226</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">43,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kearny Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,862</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">510,146</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MyState</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">152,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">589,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ocwen Financial <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">123,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,362,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Timberland Bancorp <SUP><a href="#b">b</a>,<a href="#e">e</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">469,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,632,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,539,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">244,816,828</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Health Care &#150; 8.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Biotechnology
 - 0.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pharmacyclics <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">158,746</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">935,014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sino Biopharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">926,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">345,455</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Sinovac Biotech
 <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>102,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>462,513</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Sunesis
 Pharmaceuticals <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>35,249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>68,383</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>3SBio ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>43,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>753,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,565,209</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Health Care Equipment &amp; Supplies - 2.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Allied
 Healthcare Products <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>180,512</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>787,032</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Analogic
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>40,135</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>2,269,634</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Atrion
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>15,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>2,747,902</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>bioMerieux</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>8,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>923,005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Carl Zeiss
 Meditec</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>163,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>3,456,734</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Cochlear</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>643,805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>CONMED
 Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>81,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>2,141,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>DiaSorin</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>660,061</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>DynaVox Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>55,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>303,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Hogy Medical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>21,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>933,013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>IDEXX Laboratories
 <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>40,201</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>3,104,321</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Kinetic
 Concepts <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>6,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>342,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Kossan Rubber
 Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>200,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>225,189</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Nihon Kohden</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>43,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>938,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Straumann
 Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>1,542,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Top Glove</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>260,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>461,841</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Urologix <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>445,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>280,665</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Young
 Innovations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>62,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>1,964,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Zoll Medical <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>17,924</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23,744,788</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Health Care Providers &amp; Services - 0.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Animal Health
 International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>17,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>71,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Bangkok Chain
 Hospital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>785,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>184,278</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Cross Country
 Healthcare <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>234,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Landauer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>75,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>4,644,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>MWI Veterinary
 Supply <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>806,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>OdontoPrev</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>980,492</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>VCA Antech <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>74,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>1,875,910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,798,540</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Life Sciences Tools &amp; Services - 3.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Affymetrix <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>52,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Albany
 Molecular Research <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>85,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>362,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Dionex
 Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>52,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>6,244,845</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>EPS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>583</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>1,364,632</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>eResearchTechnology
 <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>67,624</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>457,815</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Furiex
 Pharmaceuticals <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>8,333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>140,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>ICON ADR <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>282,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>6,088,380</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Luminex
 Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>375,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Mettler-Toledo
 International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>33,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>5,762,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>PAREXEL
 International <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>312,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>7,778,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>PerkinElmer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>185,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>4,880,966</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Pharmaceutical
 Product Development</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>2,771,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Techne
 Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>71,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>5,083,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">41,362,059</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Pharmaceuticals - 1.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Adcock Ingram
 Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>180,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>1,478,049</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Almirall</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>1,116,753</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Boiron</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>2,111,627</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Bukwang
 Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>55,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>650,321</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>China Animal
 Healthcare</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>2,140,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>517,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Daewoong
 Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>17,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>692,479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Endo
 Pharmaceuticals Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>144,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>5,510,304</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT; '><FONT SIZE=2 face=arial COLOR=BLACK>Hikma
 Pharmaceuticals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face=arial COLOR=BLACK>710,339</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kalbe Farma</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">234,281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Questcor Pharmaceuticals <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">133,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,922,294</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Recordati</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">190,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,910,456</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Santen Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">57,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,271,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Tsumura &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">630,693</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Virbac</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,250,289</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">21,007,335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">97,477,931</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Industrials &#150; 26.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Aerospace
 &amp; Defense - 1.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">AerCap Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">565,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ducommun</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">117,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,801,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">HEICO Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">134,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,416,755</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">HEICO Corporation Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">72,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,277,918</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hexcel Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">935,275</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Moog Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,147,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Teledyne Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,330</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">534,164</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">17,678,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Air Freight
 &amp; Logistics - 1.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">C. H. Robinson Worldwide</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,706,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Forward Air</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">209,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,424,642</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hub Group Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">164,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,949,636</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">UTi Worldwide</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,542,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">19,622,778</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Building
 Products - 1.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">American Woodmark</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">123,335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,575,235</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Burnham Holdings Cl. B <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">540,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">NCI Building Systems <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,223</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Simpson Manufacturing</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">258,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,612,464</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sung Kwang Bend</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">105,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,589,908</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">USG Corporation <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">833,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,185,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Commercial
 Services &amp; Supplies - 2.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Brink&#146;s Company (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">206,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,831,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cintas Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">87,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,657,706</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CompX International Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">185,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,920,328</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Copart <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">110,386</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,783,025</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kimball International Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">286,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,003,260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Moshi Moshi Hotline</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">135,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,520,498</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ritchie Bros. Auctioneers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">337,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,506,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Societe BIC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">799,981</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">US Ecology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">101,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,760,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">33,782,738</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Construction
 &amp; Engineering - 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">EMCOR Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">199,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,175,418</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Integrated Electrical Services <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">355,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,222,576</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Jacobs Engineering Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">81,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,186,402</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">KBR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,609,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Raubex Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">525,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,416,297</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">19,610,443</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Electrical
 Equipment - 4.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">AZZ</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,166,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Belden</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">57,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,170,390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Brady Corporation Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">94,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,376,274</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Dynapack International Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">69,352</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Franklin Electric</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">104,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,832,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fushi Copperweld <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">244,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,960,449</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GrafTech International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">384,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,936,155</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Jinpan International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">169,684</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,988,696</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Powell Industries <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">92,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,644,256</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Preformed Line Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">91,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,335,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Regal-Beloit</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">116,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,601,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Woodward</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">231,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,004,096</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">51,085,355</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Industrial
 Conglomerates - 0.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Raven Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">96,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,908,604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Machinery -
 8.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Armstrong Industrial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,442,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">775,153</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Burckhardt Compression Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,778,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Automation Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">244,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">190,086</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CLARCOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">92,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,156,025</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Columbus McKinnon <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">95,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,753,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Decker Manufacturing <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,022</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">186,682</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Donaldson Company</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">92,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,687,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">FAG Bearings India</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">38,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">718,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Gardner Denver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">38,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,011,958</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Graco</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">116,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,293,944</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hardinge</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">26,193</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">358,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">IDEX Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">67,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,942,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Industrea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">379,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">549,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kennametal</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">155,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,045,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lincoln Electric Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">94,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,150,145</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mueller Water Products Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">72,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">324,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">NN <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">197,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,599,046</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Nordson Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">102,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">11,747,626</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pfeiffer Vacuum Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">24,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,408,668</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">PMFG <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">314,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,719,966</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Rational</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,428,537</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">RBC Bearings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,796,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Rotork</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">700,233</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Semperit AG Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">66,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,879,869</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Shin Zu Shing</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">78,222</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">206,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Spirax-Sarco Engineering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,244,217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Valmont Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">44,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,644,465</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">WABCO Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">103,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,398,232</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Wabtec Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">108,225</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,340,902</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">96,038,967</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Marine -
 0.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kirby Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">111,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,359,190</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT  color="#004b8e" SIZE=2 FACE="ARIAL">Professional
 Services - 1.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Advisory Board (The) <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">128,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,617,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CRA International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">57,187</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,648,701</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">FTI Consulting <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">300,891</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">JobStreet Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">43,417</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Manpower</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">69,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,357,584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Michael Page International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,030,698</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">On Assignment <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">375,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,551,284</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Robert Half International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">92,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,833,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SFN Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">162,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,293,852</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,677,737</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Road &amp;
 Rail - 1.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Frozen Food Express Industries <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">286,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">991,757</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hertz Global Holdings <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">39,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">614,259</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Landstar System</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">156,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,167,192</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Patriot Transportation Holding <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">212,958</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,696,627</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Universal Truckload Services <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">129,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,233,461</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">16,703,296</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Trading
 Companies &amp; Distributors - 0.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lawson Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">161,431</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,719,370</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MSC Industrial Direct Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">62,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,279,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,998,745</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">310,652,275</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Information Technology &#150; 19.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Communications
 Equipment - 1.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">AAC Acoustic Technologies Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">134,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">363,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ADTRAN</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,759,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Arris Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">140,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,788,059</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Bel Fuse Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,672</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">879,761</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Black Box</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">43,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,539,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cogo Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">173,615</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,401,073</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Comba Telecom Systems Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">443,571</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">521,778</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Comtech Telecommunications</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">815,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Emulex Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">640,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">EVS Broadcast Equipment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">27,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,749,887</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Globecomm Systems <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">233,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,881,521</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sonus Networks <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">604,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,271,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sycamore Networks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">48,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,175,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">VTech Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">556,172</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Zhone Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">224,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">515,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">19,858,228</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Computers
 &amp; Peripherals - 1.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ADPT Corporation <SUP><a href="#b">b</a>,<a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,568,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,549,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Avid Technology <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">66,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,471,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Digital TV Holding Company ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Diebold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">151,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,375,736</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Electronics for Imaging <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,517</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">125,285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Intermec <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">248,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Intevac <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">57,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">714,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SMART Technologies Cl. A <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">765,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Wacom</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">703,024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Xyratex <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">134,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">14,123,248</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Electronic
 Equipment, Instruments &amp; Components - 8.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Agilysys <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">165,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">947,817</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Anixter International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">61,795</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,318,853</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Avnet <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">443,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Benchmark Electronics <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">165,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,133,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China 3C Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China High Precision Automation Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,328,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">962,967</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Chroma Ate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">139,406</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">450,362</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cognex Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">236,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,672,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Coherent <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">226,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,161,915</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Dolby Laboratories Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">762,755</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">FLIR Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">105,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,634,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hana Microelectronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">685,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">543,561</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hollysys Automation Technologies <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">27,927</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">371,429</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Image Sensing Systems <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">114,096</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kingboard Chemical Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">16,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">88,970</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mercury Computer Systems <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">856,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Molex</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">57,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,446,912</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">National Instruments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">251,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,253,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Newport Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">523,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,334,005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Perceptron <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">357,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,285,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Plexus Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">195,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,861,242</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pulse Electronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">286,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,731,510</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Richardson Electronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">495,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,533,484</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Rofin-Sinar Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">271,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,728,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Tech Data <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">136,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,942,390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">TTM Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">211,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,839,024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Vaisala Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">186,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,068,051</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,488,055</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Internet
 Software &amp; Services - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Monster Worldwide <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">585,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">NetEase.com ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">19,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">955,543</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Perficient <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">120,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">RealNetworks <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">245,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">912,888</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sohu.com <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">357,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ValueClick <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">145,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,096,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,027,791</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">IT Services
 - 3.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Convergys Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">121,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,737,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CoreLogic <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">44,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">814,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Forrester Research</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,543,087</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Gartner <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">121,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,042,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hackett Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">655,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,515,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ManTech International Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,500,960</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MAXIMUS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">111,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,058,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MoneyGram International <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">646,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,218,867</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">NeuStar Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">119,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,044,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Otsuka Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">398,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sapient Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">756,602</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,663,093</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SRA International Cl. A <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">188,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,354,368</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Total System Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">171,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,090,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Yucheng Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">167,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">673,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">45,654,063</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Semiconductors
 &amp; Semiconductor Equipment - 2.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aixtron ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">32,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,426,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Analog Devices</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">16,004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">630,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ASM Pacific Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">940,085</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">BE Semiconductor Industries <SUP><a href="#a">a</a>,<a href="#b">b</a>,<a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">58,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">519,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cymer <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">98,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,573,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Diodes <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">252,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,598,447</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Energy Conversion Devices <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">84,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">190,970</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Exar Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">157,576</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">948,608</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Himax Technologies ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">352,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">835,425</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Integrated Device Technology <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">217,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,599,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">International Rectifier <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,967,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">LSI Corporation <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">190,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,292,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Power Integrations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,878,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Vimicro International ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">240,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">720,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">29,118,762</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Software -
 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ACI Worldwide <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">181,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,941,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Advent Software <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">68,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,963,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">ANSYS <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">95,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,148,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aspen Technology <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">42,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">631,079</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aveva Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">518,156</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Blackbaud</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">41,890</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,141,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Epicor Software <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">79,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">884,493</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">JDA Software Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">49,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,509,974</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">LiveWire Mobile <SUP><a href="#b">b</a>,<a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">38,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">104,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Majesco Entertainment <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">114,566</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Net 1 UEPS Technologies <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">430,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SimCorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">961,378</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">THQ <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">91,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">19,440,094</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">233,710,241</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Materials &#150; 10.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Chemicals -
 1.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Agrium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">516,656</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cabot Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">58,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,684,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">CF Industries Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">615,555</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cytec Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">14,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">761,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fufeng Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,094,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,434,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hanfeng Evergreen <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">39,711</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hawkins</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">156,178</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,415,793</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Huchems Fine Chemical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">30,056</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">687,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Intrepid Potash <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">73,227</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,549,764</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">OM Group <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,288,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Victrex</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">974,551</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">19,969,343</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Construction
 Materials - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ash Grove Cement Cl. B <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,518</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,487,024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mardin Cimento Sanayii</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">325,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,667,044</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,154,068</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Containers
 &amp; Packaging - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Broadway Industrial Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">728,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">554,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Greif Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">90,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,942,106</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mayr-Melnhof Karton</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,640,126</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,137,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Metals &amp;
 Mining - 6.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Allegheny Technologies</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">237,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aquarius Platinum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,940,439</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Centamin Egypt <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,299,639</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Central Steel &amp; Wire <SUP><a href="#d">d</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,909,990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Metal Recycling (Holdings)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">450,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">539,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cliffs Natural Resources</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">18,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,837,836</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Commercial Metals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">632,082</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Endeavour Mining <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">804,539</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Endeavour Mining (Warrants) <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">69,624</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Franco-Nevada Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">367,097</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fresnillo</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">105,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,599,043</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Gammon Gold <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">218,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,281,235</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Haynes International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">29,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,608,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hecla Mining <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,724,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hidili Industry International<BR>Development</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">53,223</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Hochschild Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">375,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,882,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">IAMGOLD Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">95,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,105,552</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kimber Resources <SUP><a href="#a">a</a>,<a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">560,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">940,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Maharashtra Seamless</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">240,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,748,268</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Major Drilling Group International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">410,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,966,835</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Medusa Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,344,269</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">New Gold <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">135,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,580,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Northam Platinum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">345,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,243,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Northgate Minerals <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">432,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Nucor Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">129,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,952,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Orbit Garant Drilling <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">36,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">199,211</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ossen Innovation ADR <SUP><a href="#b">b</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">110,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">383,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pan American Silver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">371,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Real Gold Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">425,786</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Reliance Steel &amp; Aluminum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">162,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,413,518</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Royal Gold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">34,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,802,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Schnitzer Steel Industries Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,501,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Silvercorp Metals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">218,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sims Metal Management ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">276,475</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,018,021</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Synalloy Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">198,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,558,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Worthington Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">185,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,870,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">81,863,675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL">Paper &amp;
 Forest Products - 0.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">China Forestry Holdings <SUP><a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,563,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">743,360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Duratex</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,056,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">QX Paper <SUP><a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,296,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">923,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,723,655</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">123,847,953</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Telecommunication Services &#150; 0.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT  color="#004b8e" SIZE=2 FACE="ARIAL">Diversified
 Telecommunication Services - 0.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Citic Telecom International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">853,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">274,344</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">274,344</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>Miscellaneous <SUP><a href="#f">f</a></SUP> &#150; 1.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">20,046,106</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>TOTAL COMMON STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">(Cost $899,198,523)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,290,611,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>PREFERRED STOCKS &#150; 0.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT color="" SIZE=2 FACE="ARIAL">Bank of N.T.
 Butterfield &amp; Son 0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">&nbsp;&nbsp;&nbsp;Conv. <SUP><a href="#b">b</a>,<a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">39,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">37,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Seneca Foods Conv. <SUP><a href="#b">b</a>,<a href="#c">c</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">55,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,478,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>TOTAL PREFERRED STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">(Cost $844,626)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,515,865</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>PRINCIPAL <BR>
 AMOUNT</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>CORPORATE BOND &#150; 0.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT color="" SIZE=2 FACE="ARIAL">GAMCO Investors (Debentures) 0.00%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">due 12/31/15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">(Cost $289,840)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">289,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">189,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>REPURCHASE AGREEMENT &#150; 10.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">State Street Bank &amp; Trust Company,<br>
 0.04% dated 3/31/11, due 4/1/11,<br> maturity value $118,681,132 (collateralized<br>
 by obligations of various U.S. Government<br> Agencies, 1.625% due
 7/27/11-8/15/11, valued at<br> $121,652,313)<br> (Cost $118,681,000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">118,681,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT' align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>COLLATERAL RECEIVED FOR SECURITIES <BR>LOANED &#150; 0.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Money Market Funds<br> Federated Government
 Obligations Fund<br> (7 day yield-0.009864%)<br> (Cost $7,682,926)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,682,926</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>TOTAL INVESTMENTS &#150; 119.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">(Cost $1,026,696,915)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,418,680,684</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT' align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>LIABILITIES LESS CASH <BR>AND OTHER ASSETS &#150; (0.7)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">(8,817,399</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>PREFERRED STOCK &#150; (18.5)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">(220,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT' align=justify><FONT color="#004b8e" SIZE=2 FACE="ARIAL"><B>NET ASSETS APPLICABLE TO COMMON <BR>STOCKHOLDERS &#150; 100.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL"><B>1,189,863,285</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">

 <TR STYLE="FONT-SIZE:1PX">

 <TD WIDTH="1%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>

 <TD WIDTH="99%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="a"></a>a</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">All or a
 portion of these securities were on loan at March 31, 2011. Total market
 value of loaned securities at March 31, 2011 was $7,365,239. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="b"></a>b</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Non-income
 producing. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="c"></a>c</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Securities
 for which market quotations are not readily available represent 0.4% of net
 assets. These securities have been valued at their fair value under
 procedures approved by the Fund&#146;s Board of Directors. These securities are
 defined as Level 3 securities due to the use of significant unobservable
 inputs in the determination of fair value. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="d"></a>d</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">These
 securities are defined as Level 2 securities due to fair value being based on
 quoted prices for similar securities. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="e"></a>e</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">At March 31,
 2011, 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. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="f"></a>f</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Includes
 securities first acquired in 2011 and less than 1% of net assets applicable
 to Common Stockholders. </FONT></P>
 </TD>
 </TR>
</TABLE>
<DIV STYLE="Margin-Left: 10pt">
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="ARIAL"><B>TAX INFORMATION: </B>The
cost of total investments for Federal income tax purposes was $1,027,567,352.
At March 31, 2011, net unrealized appreciation for all securities was
$391,113,332, consisting of aggregate gross unrealized appreciation of
$477,857,493 and aggregate gross unrealized depreciation of $86,744,161. The
primary difference between book and tax basis cost is the timing of the
recognition of losses on securities sold. </FONT></P>

<P align=justify><FONT SIZE=2 FACE="ARIAL"><B>Valuation of Investments: </B><br>

<FONT SIZE=2 FACE="ARIAL">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, except in the case of some bonds and other fixed income securities
which may be valued by reference to other securities with comparable ratings,
interest rates and maturities, using established independent pricing services.
The Fund values its non-U.S. dollar denominated securities in U.S. dollars
daily at the prevailing foreign currency exchange rates as quoted by a major
bank. Securities for which market quotations are not readily available are
valued at their fair value under procedures approved by the Fund&#146;s Board of
Directors. 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. When fair value pricing is employed, the prices of
securities used by the Fund may differ from quoted or published prices for the
same security. Investments in money market funds are valued at net asset value
per share. </FONT></P>

<P ALIGN="JUSTIFY" STYLE="Margin-Bottom: 0"><FONT SIZE=2 FACE="ARIAL">Various inputs
are used in determining the value of the Fund&#146;s investments, as noted above.
These inputs are summarized in the three broad levels below: </FONT></P>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 98%">
 <TR STYLE="FONT-SIZE:14PX">
 <TD STYLE="width: 42px; vertical-align: top"><P align=justify>&nbsp;</P></TD>
 <TD STYLE="width: 20px; vertical-align: center"><P align=justify>&nbsp;</P></TD>
 <TD STYLE="width: 700px; vertical-align: top"><P align=justify>&nbsp;</P></TD>
 </TR>

 <TR>

 <TD NOWRAP STYLE="vertical-align: top"><P align=left><FONT SIZE=2 FACE="ARIAL">Level 1</FONT></P>
 </TD>
 <TD NOWRAP STYLE="vertical-align: top"><P align=center><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>

 <TD STYLE="vertical-align: top">
 <P align=justify><FONT SIZE=2 FACE="ARIAL">quoted
 prices in active markets for identical securities. </FONT></P>
 </TD>
 </TR>


 <TR>
 <TD STYLE="vertical-align: top"><P align=left><FONT SIZE=2 FACE="ARIAL">Level 2</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top"><P align=center><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>

 <TD STYLE="vertical-align: top">
 <P align=justify><FONT SIZE=2 FACE="ARIAL">other
 significant observable inputs (including quoted prices for similar
 securities, foreign securities that may be fair valued and repurchase
 agreements). The table below includes all Level 2 securities. Level 2
 securities with values based on quoted prices for similar securities are
 noted in the Schedule of Investments. </FONT></P>
 </TD>
 </TR>
 <TR>

 <TD STYLE="vertical-align: top"><P align=left><FONT SIZE=2 FACE="ARIAL">Level 3</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top"><P align=center><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>

 <TD STYLE="vertical-align: top">
 <P align=justify><FONT SIZE=2 FACE="ARIAL">significant unobservable inputs (including the Fund&#146;s own assumptions in
 determining the fair value of investments). </FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:14PX">
 <TD STYLE="vertical-align: top"><P align=justify>&nbsp;</P></TD>
 </TR>

</TABLE>



<P ALIGN="JUSTIFY" STYLE="Margin-Top: 0"><FONT SIZE=2 FACE="ARIAL">The inputs or
methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities. </FONT></P>

<P align=justify STYLE="Margin-Top: 0"><FONT SIZE=2 FACE="ARIAL">The following
is a summary of the inputs used to value the Fund&#146;s investments as of March
31, 2011. For a detailed breakout of common stocks by sector classification,
please refer to the Schedule of Investments. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="98%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD><TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Level 1</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Level 2</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Level 3</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD><TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Common
 stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$1,023,009,827</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$264,622,935</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$2,978,341</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$1,290,611,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Preferred
 stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,515,865</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,515,865</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Corporate
 bonds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">189,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">189,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Cash
 equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,682,926</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">118,681,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">126,363,926</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Level 3
 Reconciliation:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="98%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Balance as of<br> 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Purchases</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Transfers In</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD><TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Transfers Out</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Sales</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Realized and <BR>Unrealized<br>Gain (Loss)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Balance as of<br> 3/31/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Common
 stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$1,925,934&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$1,777,190</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$1,741,414&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$1,251,677&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&nbsp;$66,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$(1,147,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">$2,978,341&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Preferred
 stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,372,514&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">143,351</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,515,865&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Corporate
 bonds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">197,064&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">197,064&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">&#150;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;


 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="ARIAL"><B>Repurchase Agreements: </B><br>

<FONT SIZE=2 FACE="ARIAL">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 its underlying securities. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="ARIAL"><B>Securities Lending: </B><br>

<FONT SIZE=2 FACE="ARIAL">The Fund loans securities to qualified institutional investors for the
purpose of realizing additional income. Collateral for the Fund on all securities
loaned is accepted in cash and cash equivalents and invested temporarily by the
custodian. The collateral maintained is 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. The Fund retains
the risk of any loss on the securities on loan as well as incurring the
potential loss on investments purchased with cash collateral received for
securities lending. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 FACE="ARIAL"><B>Transactions in Affiliated Companies: </B><br>

<FONT SIZE=2 FACE="ARIAL">An &#147;Affiliated Company&#148; as defined in the Investment Company Act of
1940, is a company in which a fund owns 5% or more of the company&#146;s outstanding
voting securities at any time during the period. The Fund effected the
following transactions in shares of such companies for the three months ended
March 31, 2011:</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="98%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="18%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM nowrap>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><B>Affiliated Company</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Shares<br> 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Market Value<br> 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Cost of<br> Purchases</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Cost of<br> Sales</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Realized<br> Gain (Loss)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Dividend<br> Income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Shares<br> 3/31/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM nowrap>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Market Value<br> 3/31/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">Timberland
 Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">469,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$1,731,348</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">469,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$2,632,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$1,731,348</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$2,632,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;



 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2 FACE="ARIAL">Other
information regarding the Fund is available in the Fund&#146;s most recent Report to
Stockholders. This information is available through The Royce Funds (<U>www.roycefunds.com</U>)
and on the Securities and Exchange Commission&#146;s website (www.sec.gov). </FONT></P>
</DIV>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>


<PAGE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Item 2 - Controls and Procedures</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) The Registrant&rsquo;s principal executive and principal financial
officers have concluded, based on their evaluation of the Registrant&rsquo;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 &ldquo;Act&rdquo;)),
that the Registrant&rsquo;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&rsquo;s management, including its principal executive and
principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"> &#9; &#9;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) There were no changes in the Registrant&rsquo;s internal control
over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant&rsquo;s last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Item 3 - Exhibits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Certifications pursuant to Rule 30a-2(a) under the Act are attached
hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">SIGNATURES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/Charles M. Royce </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charles M. Royce</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President, Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>
<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/Charles M. Royce</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charles M. Royce</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President, Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/John D. Diederich</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John D. Diederich</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Treasurer, Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>


</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d28196_ex99cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">CERTIFICATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Charles M. Royce, certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1. I have reviewed this report on Form N-Q of Royce Value Trust,
Inc.;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3. 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4. The Registrant'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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(c) Evaluated the effectiveness of the Registrant'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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(d) Disclosed in this report any change in the Registrant's internal
control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: -12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">5. The Registrant's other certifying officer(s) and I have disclosed
to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) 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's
ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/Charles M. Royce </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charles M. Royce</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Value Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>
<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 24pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: -12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">CERTIFICATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, John D. Diederich, certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1. I have reviewed this report on Form N-Q of Royce Value Trust,
Inc.;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to the period covered by this report;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3. 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4. The Registrant'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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the
Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) 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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(c) Evaluated the effectiveness of the Registrant'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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(d) Disclosed in this report any change in the Registrant's internal
control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: -12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">5. The Registrant's other certifying officer(s) and I have disclosed
to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) All significant deficiencies and material weaknesses in the
design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the Registrant's
ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/John D. Diederich</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John D. Diederich</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Treasurer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Value Trust, Inc.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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