<SEC-DOCUMENT>0000949377-11-000379.txt : 20110829
<SEC-HEADER>0000949377-11-000379.hdr.sgml : 20110829
<ACCEPTANCE-DATETIME>20110829122856
ACCESSION NUMBER:		0000949377-11-000379
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20110630
FILED AS OF DATE:		20110829
DATE AS OF CHANGE:		20110829
EFFECTIVENESS DATE:		20110829

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		111062095

	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-CSRS
<SEQUENCE>1
<FILENAME>d28592.htm
<DESCRIPTION>N-CSRS
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<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>UNITED STATES </B></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P style="line-height:16pt; margin:0px; font-size:14pt" align=center>Washington, D.C. 20549 </P>
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<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>FORM N-CSR</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CERTIFIED SHAREHOLDER REPORT<BR>OF<BR>REGISTERED MANAGEMENT INVESTMENT COMPANIES </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Investment Company Act file number: 811-04875</P>
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<P style="margin:0px" align=center>Name of Registrant: Royce Value Trust, Inc.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Address of Registrant: 745 Fifth Avenue </P>
<P style="margin:0px" align=center>New York, NY 10151</P>
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<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=624></TD></TR>
<TR><TD width=624><P style="margin:0px">Name and address of agent for service: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John E. Denneen, Esquire</P>
<P style="margin:0px; text-indent:225px">&nbsp;745 Fifth Avenue</P>
<P style="margin:0px; text-indent:225px">&nbsp;New York, NY 10151</P>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Registrant's telephone number, including area code: (212) 508-4500</P>
<P style="margin:0px" align=center>Date of fiscal year end: December 31 </P>
<P style="margin:0px" align=center>Date of reporting period: January 1, 2011 &#150; June 30, 2011</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><B>Item 1. &nbsp;Reports to Shareholders. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

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    <TD vAlign=top align=left bgColor=#004a8d rowSpan=3><a href="#cover-rvt"><FONT face=Arial color=#ffffff size=2>Royce Value Trust</font></a><BR><br>
<a href="#cover-rmct"><FONT face=Arial color=#ffffff size=2>Royce Micro-Cap Trust</font></a><BR><BR><a href="#cover-rft"><FONT face=Arial color=#ffffff size=2>Royce Focus Trust</font></a>
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      <P style="MARGIN-LEFT: 35px"><FONT face=Arial color=#004a8d size=7><B>REVIEW AND REPORT</B></FONT></P></TD></TR>
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      <P style="MARGIN-LEFT: 35px"><FONT face=Arial color=#2178b5 size=6><B>TO STOCKHOLDERS</B></FONT></P></TD>
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<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman">A Few Words on Closed-End Funds</font></td>
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<td valign="bottom" colspan="2"><div align="justify" style="margin-right:2%"><font size="2" color="#004a8d" face="Arial"><b>Royce &amp; Associates, LLC manages three closed-end funds: Royce Value Trust, the first small-cap value closed-end fund offering; Royce Micro-Cap Trust, the only micro-cap closed-end fund; and Royce Focus Trust, a closed-end fund that invests in a limited number of primarily small-cap companies.</b></font></div></td>

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<td valign="bottom" colspan="2"><div align="justify" style="margin-right:2%"><font size="2"
face="Times New Roman">A closed-end fund is an investment company
whose shares are listed and traded on a stock exchange. Like all
investment companies, including open-end mutual funds, the assets of
a closed-end fund are professionally managed in accordance with the
investment objectives and policies approved by the Fund&#146;s Board of
Directors. A closed-end fund raises cash for investment by issuing a
fixed number of shares through initial and other public offerings
that may include shelf offerings and periodic rights offerings.
Proceeds from the offerings are invested in an actively managed
portfolio of securities. Investors wanting to buy or sell shares of a
publicly traded closed-end fund after the offerings must do so on a
stock exchange, as with any publicly traded stock. This is in
contrast to open-end mutual funds, in which the fund sells and
redeems its shares on a continuous basis.</font></div></td>

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<p style="margin-right: 10%;"><font size="4" color="#004a8d" face="Arial">A Closed-End Fund Offers Several Distinct Advantages Not Available From An
Open-End Fund Structure</font></p>
<div style="height: 100px; margin-right: 10%;">


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<td align="left" valign="top" width="2%"><font size="2" color="#c3ce22" face="Times New Roman">&#8226;</font></td>
<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">Since a closed-end fund does not issue redeemable securities
or offer its securities on a continuous basis, it does not need to
liquidate securities or hold uninvested assets to meet investor
demands for cash redemptions, as an open-end fund
must.</font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">In a closed-end fund, not having to meet investor redemption
requests or invest at inopportune times is ideal for value managers
who attempt to buy stocks when prices are depressed and sell
securities when prices are high.
</font></div></td>
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<td align="left" valign="top"><font size="2" color="#c3ce22" face="Times New Roman">&#8226;</font></td>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">A closed-end fund may invest more freely in less liquid
portfolio securities because it is not subject to potential
stockholder redemption demands. This is particularly beneficial for
Royce-managed closed-end funds, which invest in small- and micro-cap
securities.</font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">The fixed capital structure allows permanent leverage to
be employed as a means to enhance capital appreciation
potential.</font></div></td>
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<td align="left" valign="top"><font size="2" color="#c3ce22" face="Times New Roman">&#8226;</font></td>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">Unlike Royce&#146;s open-end funds, our closed-end funds are
able to distribute capital gains on a quarterly basis. The Funds
resumed the quarterly distribution policies for their common stock,
at a 5% annual rate, in March 2011. Please see page 18-20 for more
details. </font></div></td>
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<td colspan="2" valign="bottom"><div align="justify"><font size="2" color="#004a8d" face="Times New Roman"><i> We believe that the
closed-end fund structure is very suitable for the long-term investor
who understands the benefits of a stable pool of capital.
</i></font></div></td>
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<td align="left"><font size="1" face="Times New Roman">&#160;</font></td>
<td align="left" valign="bottom"><font size="4" color="#004a8d" face="Arial">Why Dividend Reinvestment Is Important</font></td>
<td><font size="1" face="Times New Roman">&#160;</font></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">A very important component of an investor&#146;s total return
comes from the reinvestment of distributions. By reinvesting
distributions, our investors can maintain an undiluted investment in
a Fund. To get a fair idea of the impact of reinvested distributions,
please see the charts on pages 13, 15 and 17. For additional
information on the Funds&#146; Distribution Reinvestment and Cash Purchase
Options and the benefits for stockholders, please see page 20 or
visit our website at www.roycefunds.com.</font></div></td>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font></td>
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  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Table of Contents</FONT></P>
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 <P><FONT SIZE=2 color="#004a8d" face="arial"><B>Semiannual
 Review</B></FONT></P>
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 <P><a href="#per-tab"><FONT SIZE="2" FACE="arial" COLOR="#000000">Performance Table</font></a></P>
 </TD>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">2</FONT></P>
 </TD>
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 <P><a href="#letter"><FONT SIZE="2" FACE="arial" COLOR="#000000">Letter to Our Stockholders</font></a></P>
 </TD>
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 <P ALIGN=RIGHT><font face=arial size="2">3</font></P>
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 <TD VALIGN=TOP>
 <P><a href="#postscript"><FONT SIZE="2" FACE="arial" COLOR="#000000">Postscript: Decisions, Decisions</font></a></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9</FONT></P>
 </TD>
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 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
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 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
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  <TR>
 <TD VALIGN=TOP>
 <P><a href="#small-cap"><FONT SIZE="2" FACE="arial" COLOR="#000000">Small-Cap Market Cycle Performance</font></a></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10</FONT></P>
 </TD>
 </TR>
  <TR>
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 <P><FONT SIZE=2 face="arial">&nbsp;</FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
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 <TD VALIGN=TOP>
 <P><a href="#quotes"><FONT SIZE="2" FACE="arial" COLOR="#000000">2011: In Quotes</font></a></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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 <P><FONT SIZE=2 face="arial">&nbsp;</FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
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<TR>
 <TD VALIGN=TOP>
 <P><a href="#p01-f11"><FONT SIZE=2 face="arial" color="#004a8d"><b>Semiannual Report to Stockholders</b></FONT></a></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11</FONT></P>
 </TD>
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<p style="margin-right:10%" align="left"><font size="2" color="#004a8d"><i>For more than 35 years, we have used a value approach to invest in small-cap securities. We focus primarily on the quality of a company&#146;s balance sheet, its ability to generate free cash flow and other measures of profitability or sound financial condition. We then use these factors to assess the company&#146;s current worth, basing the assessment on either what we believe a knowledgeable buyer might pay to acquire the entire company, or what we think the value of the company should be in the stock market.</i></font></p>


<br>
<P ALIGN=RIGHT style="margin-right:10%"><FONT SIZE=2><br><br><br><IMG SRC="mug-glasses.jpg" ALT="(MESSAGE)"></FONT></P>

<P align=right STYLE='MARGIN-RIGHT:10%; MARGIN-LEFT:0%'><FONT SIZE=1 color="#004a8d" face="arial">This page is not part of the 2011 Semiannual
Report to Stockholders<font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">1 </FONT></P>

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<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman"><a name="per-tab"></a>Performance Table</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
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<td align="left" valign="bottom"><font size="4" color="#004a8d" face="Arial">NAV Average
 Annual Total Returns</font></td>
<td><font size="1" face="Times New Roman">&#160;</font></td>
<td align="right" valign="bottom"><font size="3" color="#004a8d" face="Arial">Through June 30, 2011</font></td>
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<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr bgcolor="#004a8d">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Royce</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Royce</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Royce</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center"><font size="2" color="#ffffff" face="Arial"><b>Russell</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Value Trust</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Micro-Cap Trust</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Focus Trust</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>2000 Index</b></font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -7px;"><hr noshade="noshade" size="4" color="#c3ce22"></div></td>
<td colspan="3" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -7px;"><hr noshade="noshade" size="4" color="#c3ce22"></div></td>
</tr>
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<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">Year-to-Date<sup><a href="#p2-1">1</a></sup> </font></p></td>
<td width="1%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font size="2" face="Arial">5.39</font></td>
<td align="left" valign="bottom" width="2%"><font size="2" face="Arial">%</font></td>
<td width="4%"><font size="1" face="Arial">&#160;</font></td>
<td width="3%"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="3%"><font size="2" face="Arial">3.12</font></td>
<td align="left" valign="bottom" width="3%"><font size="2" face="Arial">%</font></td>
<td width="4%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="2%"><font size="2" face="Arial">3.71</font></td>
<td align="left" valign="bottom" width="2%"><font size="2" face="Arial">%</font></td>
<td width="4%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%" bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="4%" bgcolor="#f4f7dd"><font size="2" face="Arial">6.21</font></td>
<td align="left" valign="bottom" width="2%" bgcolor="#f4f7dd"><font size="2" face="Arial">%</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial"> One-Year</font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">41.59</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">34.62</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">37.02</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">37.41</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial" bgcolor="#f4f7dd">&#160;</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Three-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.92</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.23</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.89</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">7.77</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial" bgcolor="#f4f7dd">&#160;</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Five-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">4.33</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.18</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.03</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">4.08</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
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<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
10-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.78</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.46</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.02</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">6.27</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
15-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.60</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.34</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">7.37</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
20-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.70</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">9.82</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Since Inception</font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.06</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.05</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.42</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="center" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
</tr>

<tr>
<td colspan="14" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
<td colspan="13" valign="bottom" bgcolor="#f4f7dd"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Inception Date </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" face="Arial">11/26/86</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" face="Arial">12/14/93</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" face="Arial">11/1/96<sup><a href="#p2-2">2</a></sup></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
<td align="center" valign="bottom" bgcolor="#f4f7dd"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</font></td>
<td bgcolor="#f4f7dd"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="14" valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 2PX"><div style="margin-top: -6pt;">&nbsp;</div></td>
<td colspan="3" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 2PX"><div style="margin-top: -6pt;">&nbsp;</div></td>
</tr>
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<tr>

<TD ALIGN="left" VALIGN="TOP"><font size="2" face="Times New Roman"><sup><a name="p2-1"></a>1</sup>&nbsp;&nbsp;Not annualized</font></td>
</tr>
<tr>

<TD ALIGN="left" VALIGN="TOP"><font size="2" face="Times New Roman"><sup><a name="p2-2"></a>2</sup>&nbsp;&nbsp;Date Royce &amp; Associates, LLC assumed investment management responsibility for the Fund.</font></td>
</tr>
</TABLE>


<div style="margin-right: 10%;" align="justify"><font size="3" color="#004a8d" face="Arial"><b><br>
Important Performance and Risk Information</b></font><font size="2" face="Times New Roman">
<br>All performance information in this <i>Review and Report</i>
reflects past performance, is presented on a total return basis and
reflects the reinvestment of distributions. Past performance is no
guarantee of future results. Investment return and principal value of
an investment will fluctuate, so that shares may be worth more or
less than their original cost when sold. Current performance may be
higher or lower than performance quoted. Current month-end
performance may be obtained at www.roycefunds.com. Investments in
securities of micro-cap, small-cap and/or mid-cap companies may
involve considerably more risk than investments in securities of
larger-cap companies.
</font></div>

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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">2</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font></td>
</tr>
</TABLE>


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<td align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a name="letter"></a>Letter to Our Stockholders</font></div>
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<td align="left" valign="bottom"><font size="4" color="#004a8d" face="Arial">D&#233;j&#224; vu All Over Again?</font></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">Some have suggested that the first half of 2011 looked
uncannily like that of 2010. We admit that there are some striking
similarities. As 2010 began, the stock market briefly stumbled out of
the gate before regaining its feet, and the highly charged rally that
began early in March of 2009 resumed its brisk pace. However, the
month of April brought a more serious correction that lingered into
early July, precipitated by fears of sovereign debt crises in Europe,
anxiety over the U.S. and Chinese economies and an environmental
disaster. In 2011, a sluggish January quickly yielded to an extension
of the dynamic market that had characterized 2010 as a whole. This
segment of the bull run then quickly reversed direction in
April&#151;truly the cruelest month for equity investors over the last two
years&#151;as renewed concerns over European fiscal solvency, another
round of hand-wringing over the rate of growth in the U.S. and China,
and a series of catastrophic events in Japan combined to rouse the
bear.<br>&#160;&#160;&#160;&#160;&#160;However superficially close,
the parallels between the first halves of 2010 and 2011 were never
quite as neat as some observers suggested. Any resemblance began to
break down decisively in the middle of June, when the market shook
off its doldrums with a rally that lasted through most of July.
Unlike the first six months of 2010, the market bore</font></div></td> </tr>
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<td valign="bottom"><div align="left"><font size="2" color="#004a8d"
face="Arial">We still believe that stocks can
generate positive returns over the
next two or three years, though we
are not anticipating a rally in the
second half of 2011 like the very dynamic run that ushered out 2010.</font></div></td>
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<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to
Stockholders</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">3</font></td>
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<td align="right"><font size="1" color="#626366" face="Arial"><b>Charles M. Royce, President</b></font></td>
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<td nowrap="nowrap" valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>We have spent a lot of time talking<br>
about dividends lately, but they<br>
have been important to us as an<br>
investment theme since Chuck Royce<br>
assumed full investment control of<br>
Royce Pennsylvania Mutual Fund in<br>
November 1972. However, our work<br>
with dividend-paying small-cap stocks<br>
became particularly focused in 1979,<br>
when we agreed to create a portfolio<br>
for an institutional client who<br>
informed us at the last minute that<br>
every stock in the portfolio had to pay<br>
a dividend. That experience eventually<br>
led us to introduce Royce Total<br>
Return Fund in 1993, Royce Dividend<br>
Value Fund in 2004 and Royce Global<br>
Dividend Value Fund in 2011, all of<br>
which seek both long-term growth and<br>
current income.</i></b></font></div></td>
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<td valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><i><b>Our long history of finding what we<br>
think are undervalued, fundamentally<br>
strong dividend payers in the small-cap<br>
world makes us a bit bemused as to why<br>
so many other investors ignore small-<br>
cap dividend-paying companies; they<br>
simply do not associate the small-cap<br>
asset class with dividends. However, we<br>
have long maintained that dividends can<br>
be an integral part of a successful long-<br>
term investment strategy in the small-<br>
cap asset class. Our experience suggests<br>
that including dividend-paying smaller<br>
companies in an equity portfolio</b></i></font></div></td>
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<td align="right" valign="bottom"><a href="#con-p6"><font size="2" color="#c3ce22" face="Arial"><i><b>Continued on page 6...</b></i></font></a></td>
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<td rowspan="3" width="5%">&#160;&#160;&#160;&#160;&#160;</td>
<td align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman">Letter to Our Stockholders</font></div>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New
Roman">only slightly ill effects by the end of 2011&#146;s first half,
despite the relentless flow of negative news and pervasive feeling of
economic anxiety that have distinguished both years. The stock
market&#146;s greater resilience thus far through 2011 can be seen by
measuring each year&#146;s respective spring-summer downturn. June 2010
ended in the midst of a correction that would ultimately drop
small-cap stock prices by more than 20% by early July, while 2011&#146;s
first down period, which lasted from the interim small-cap high on
April 29 to the next small-cap low on June 13, saw the small-cap
Russell 2000 Index lose less than half that amount.<br>&#160;&#160;&#160;&#160;&#160;All of this makes the
question of what may happen next perplexing. What bemuses us as we
look back on both periods is that the first half of 2011 was
arguably, if not worse, then at least more uncertain, in terms of
headline-making developments. For example, in addition to those
events already mentioned, we have been through a series of natural
disasters here in the States, brinkmanship in Washington over raising
the debt ceiling, and ongoing debates about how to deal with deficits
and jobs, the latter two made worse because the beckoning election
year has been encouraging even larger doses of partisanship than
usual. So while the correction was not at all surprising&#151;bull market
interruptions have been very common historically&#151;we are concerned
about what looks like an almost casual shrugging off of significant
events by large numbers of investors, some of whom are likely the
same people who sold at the first sign of trouble. <b>On the one hand,
then, our contrarian perspective makes us skeptical of the rally that
closed out the first half. On the other hand, our long-term view of
both the equity market and the economy remains reasonably bright.</b> We
still believe that stocks can generate positive returns over the next
two or three years, though we are not anticipating a rally in the
second half of 2011 like the very dynamic run that ushered out 2010.
In all, we remain modestly bullish and cautiously optimistic about the years ahead.</font><br><br><font size="4" color="#004a8d"
face="Arial">Seen It All Before</font><br><font size="2" face="Times
New Roman">Year-to-date results for the major stock indexes were
positive, though they were muted by the second quarter&#146;s higher
volatility. From our perspective, the most notable development in the
first half of 2011 was seeing small-cap&#146;s seemingly unassailable
market leadership contested. <b>For the year-to-date period ended June
30, 2011, the small-cap Russell 2000 Index gained 6.2%, while the
large-cap S&amp;P 500 Index was up 6.0%, the Russell 1000 Index climbed
6.4%, and the more tech-oriented Nasdaq Composite returned 4.6%.</b>
These results were the combined effect of the year&#146;s very different
quarters. The first, while</font></div></td>

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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">4</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font></td>
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 <P ALIGN=JUSTIFY><FONT SIZE=2><br>it saw numerous shifts in market leadership, was a pleasant, placid bull period compared to what followed. Small-cap companies edged out their larger counterparts between January and March, with the Russell 2000 up 7.9% compared to respective gains of 5.9% and 6.2% for the large-cap S&amp;P 500 and Russell 1000, and 4.8% for the Nasdaq.</FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL color="#004a8d"><br>
It should be kept in mind
that growth in both the stock market and the economy seldom takes
place in uninterrupted straight lines or in lock stepped tandem.
The recent pauses in both are very much in the range of what we
consider normal.</FONT></P> </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
second quarter, while offering a distinctly mixed bag for equities,
saw small-caps cede leadership to their large-cap siblings. The
Russell 2000 fell 1.6% in the second quarter versus a slender gain of
0.1% for both the S&amp;P 500 and Russell 1000, and a loss of 0.3% for
the Nasdaq Composite. <b>One-year returns remained very strong for all
four domestic indexes, and were led by small-caps. The Russell 2000
climbed 37.4%, the S&amp;P 500 rose 30.7%, the Russell 1000 was up 31.9%,
and the Nasdaq Composite gained 31.5%.</b> Small-caps also led over
longer-term periods, as the Russell 2000 outperformed each of its
large-cap counterparts, the S&amp;P 500 and Russell 1000, for the
trailing three-, five-, 10-, 15- and 20-year periods ended June 30,
2011.</FONT></P>

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 <P ALIGN=JUSTIFY><FONT
SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Year-to-date
results for non-U.S. equity indexes were somewhat in line with their
domestic cousins, with the Russell Global ex-U.S. Small Cap Index
finishing further behind its large-cap counterpart, the Russell
Global ex-U.S. Large Cap Index, up 0.8% versus a gain of 4.1%.</b> The
lower year-to-date results relative to U.S. indexes were attributable
to significantly lower first-quarter returns, with the Russell Global
ex-U.S. Large Cap gaining 3.6%, while its non-U.S. small-cap
equivalent gained 1.0%. While non-U.S. indexes generally enjoyed
slightly better performance than the domestic indexes in the second
quarter, it was not enough to overcome the first quarter&#146;s relative
disadvantage. For the second quarter, the Russell Global ex-U.S.
Large Cap was up 0.4%, while the Russell Global ex-U.S. Small Cap
declined 0.2%.</FONT></P>
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 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b>Arguably the market&#146;s unsung heroes,
domestic mid-cap stocks, as measured by the Russell Midcap Index,
outpaced their small-cap and large-cap equivalents for the
year-to-date period ended June 30, 2011, up 8.1%.</b> Micro-caps, as
measured by the Russell Microcap Index, were the worst performers
along the market cap spectrum, up 3.1% for the six months ended June
30, 2011. Within small-cap, value, as measured by the Russell 2000
Value Index, fell behind growth, as measured by the Russell 2000
Growth Index for the year-to-date period (+3.8% versus +8.6%). In
addition, small-cap growth led its value sibling in the trailing
one-, three- and five-year periods, while trailing 10-, 15-, 20-, and
25-year returns belonged to small-cap value.</FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>

<P ALIGN=RIGHT style="margin-right:10%"><FONT SIZE=1 color="#004a8d" face="arial">This page is not part of the 2011 Semiannual Report to Stockholders<font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">5</FONT></P>
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<td nowrap="nowrap" valign="bottom"><div align="right"><font size="2"
color="#004a8d" face="Arial"><b><i>potentially offers both an effective<br>
cushion against market volatility<br>
and a strong component of an<br>
investment&#146;s total return, especially<br>
during lower-return periods.
</i></b></font></div></td> </tr>

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<td valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>
We also believe that a company&#146;s<br>
practice of paying dividends is an<br>
excellent measure of its underlying<br>
quality and an intelligent form of<br>
corporate governance. From our<br>
perspective within the small-cap<br>
world, where the words &#147;dividend&#148;<br>
and &#147;quality&#148; are often considered<br>
synonymous, adopting a dividend-<br>
paying investment strategy could be a<br>
key to long-term outperformance.<br>
We believe that this is more than<br>
usually relevant today, as we believe a<br>
shift to higher quality companies may<br>
be at hand.</i></b></font></div></td>
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<td valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>
Understanding a company&#146;s capital<br>
allocation decisions is a critical<br>
element in our investment process.<br>
This is especially important in a<br>
market when corporate balance sheets<br>
are generally in excellent condition<br>
and, in many cases, flush with cash.<br>
Dividends are by nature the byproduct<br>
of healthy free cash flow generation.<br>
Of the more than 4,140 domestic<br>
small-cap companies (those with<br>
market capitalizations up to $2.5<br>
billion), 1,181 were dividend payers<br>
as of the end of the first half of<br>
2011; of these dividend-paying<br>
companies, 757 had a dividend yield<br>
of at least 2%.<br><br>Not surprisingly, the number of<br>
dividend-paying companies located<br>
outside of the United States is<br>
even larger. In many foreign public</i></b></font></div></td>
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<td align="right" valign="bottom"><a href="#con-p8"><font size="2" color="#c3ce22" face="Arial"><i><b>Continued on page 8...</b></i></font></a></td>
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<td align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman">Letter to Our Stockholders</font></div>
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<td align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;2011 YEAR-TO-DATE NAV TOTAL RETURNS FOR THE ROYCE FUNDS VS. RUSSELL 2000</b> as of 6/30/11</font>
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<td valign="bottom"><div align="justify"><font size="4" color="#004a8d" face="Arial">Seeing Things</font><br><font size="2" face="Times
New Roman">While these mood swings were the top story in equities
during the first half, the return of volatility was not a development
that struck us as unusual, especially considering that the market had
previously been on a very dynamic run from the interim small-cap low
on July 6, 2010. Some retreat from its recent highs was therefore to
be expected at some point. The correction has so far been fairly
modest and mostly painless, particularly in the wider context of the
bull market that began following the bottom on March 9, 2009. Our
thought is that, for all the surface similarities to last year&#146;s
first half, there are cyclical forces at work that are as much a
factor as investors&#146; unease with the U.S. or global economies. It is
also worth remembering that, though growth has decelerated, the
economy is still growing. In addition, it should be kept in mind that
growth in both the stock market and the economy seldom takes place in
uninterrupted straight lines or in lock-stepped tandem. The recent
pauses in both are very much in the range of what we consider normal.
<br>&#160;&#160;&#160;&#160;&#160;In
addition, as contrarian, bargain-hunting value investors, we see
opportunity when the markets correct. Our discipline entails thinking
about the present and about the years ahead when positioning our
portfolios. <b>So while we never look forward to corrections, we accept
them as a fact of investment life, and then some. We see downturns as
vital opportunities to re-evaluate and re-stock our portfolios. Even
a brief reversal in the market can create ample chances to find what
we see as well-managed, financially strong businesses with
attractively low share prices.</b></font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">&#160;&#160;&#160;&#160;&#160;The most recent downturn offers a typical example. Between
the 2011 high on April 29 and the most recent small-cap low on June
13, the Russell 2000 Index fell 10.1%. During this span, 50% of the
companies in the Russell 2000 were down more than 10%; 18% (360
companies) of the Index&#146;s constituents were off more than 20%; and 5%
(100 stocks) declined by more than 30%. Not all of these companies
were worth buying. <b>It usually takes at least a 30% discount to our
estimate of a company&#146;s worth for us to consider a purchase. However,
even brief and not particularly dramatic downturns create chances for
us to find what we think are great companies trading at alluringly
reduced prices.</b><br><br>

<font size="4" color="#004a8d" face="Arial">Sights Unseen</font><br>
The issues of unemployment and housing continue to dominate the
headlines, though we still maintain that there is far more good news
about the economy on a company by company basis. In fact, from the
standpoint of balance sheets, cash flows, revenues and profits,
corporations have seldom been in better shape. However, as long as
unemployment remains high and housing continues to correct, the focus
will remain on those two. The latter is, we think, less of a problem.
Real estate cycles tend to unwind very slowly, and this one shows no
signs of being any different. It may actually take years because the
run-up in housing prices was so extreme. Any expectation that a
correction would be quick was entirely misplaced. Unemployment is a
more significant issue, and we have no good answer as to why the
much-discussed and hoped-for pick-up in employment has not yet
materialized. Certainly any increase in jobs would be a huge benefit
to the economy and society as a whole. Yet companies seem much more
focused on continuing to improve revenues and profits than they are
on hiring, at least here in the U.S., something that we do not
necessarily see changing in the intermediate future.
<br>&#160;&#160;&#160;&#160;&#160;So
the economy is by no means out of the woods yet. This observation can
be balanced, however, by our contention that it is closer to recovery
than it has been since the recession began in 2007. Clearly, it has
been a long, unhappy ride for many. And there have been numerous
instances in history when the market was either ahead of the economy
or, as we think is currently the case, when headlines are fixated on
bad news while many individual companies have been doing well.
<b>Ultimately, we are throwing our lot in with companies, and the
message that we have been receiving lately in our meetings with
management is far more optimistic than what we see in the headlines.
</b></font></div></td>
</tr>
</TABLE>

<br><br><br><br><br><br><br><br><br><br><br><BR><BR><BR><BR><BR>



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<tr>
<td valign="bottom"><p><font size="2" color="#004a8d"
face="Arial">As contrarian, bargain-hunting
value investors, we see opportunity when the markets correct. Our
discipline entails thinking about the present and about the years ahead when positioning our portfolios.</font></p></td>
</tr>
</TABLE>


</div>
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<br>


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<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">7</font></td>
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</TABLE>


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<div style="height: 500px; margin-right: 10%;">


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<tr bgcolor="#f4f7dd">
<td colspan="2" valign="bottom"><div style="margin-top: -7px;"><hr noshade="noshade" size="5" color="#c3ce22"></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="1" face="Arial">&#160;</font></td>
<td rowspan="10" align="left" valign="bottom" width="3%"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="1" face="Arial"><a name="con-p8"></a>&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td nowrap valign="bottom" align="right"><font size="2" color="#004a8d" face="Arial"><b><i>markets, there is typically both a<br>
stronger embrace of dividends by<br>
shareholders and a higher incidence<br>
of founding-family owners who<br>
want dividends for income. Yields in<br>
many foreign markets are also quite<br>
generous, particularly for smaller<br>
companies. Many high-quality small<br>
companies earn more than they<br>
need in terms of reinvestment in<br>
the business. This excess profit, or<br>
free cash flow, is a vital qualitative<br>
component that we look for in<br>
companies regardless of location,<br>
along with a strong balance sheet and<br>
an established record of earnings.</i></b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>
Despite an abundance of small-cap<br>
companies that pay dividends, very<br>
few fund managers focus on dividends<br>
within the small-cap universe. Most<br>
focus on capital appreciation instead<br>
of total return, while in the large-cap<br>
universe, total return or equity income<br>
approaches are far more common.
</i></b></font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td valign="bottom" nowrap><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>This fact is further borne out by<br>
Morningstar data. Of the 548 small-<br>
cap objective funds identified by<br>
Morningstar as of June 30, 2011, only<br>
four funds have dividend, income or<br>
total return in their respective names<br>
(two of which are Royce Funds). Yet<br>
dividends in the small-cap universe<br>
perform the same role that they do in<br>
the large-cap area&#151;they may tend<br>
to reduce a stock price&#146;s downside<br>
volatility and allow an investor to<br>
start the year with a positive return<br>
as a result of the dividend. To our<br>
way of thinking, that&#146;s an irresistible<br>
combination for risk-conscious value<br>
investors like ourselves.<br></i></b></font></div></td>
</tr>
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<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="2" valign="bottom"><div style="margin-bottom: -10px;"><hr noshade="noshade" size="2" color="gray"></div><div style="margin-bottom: -7px;"><hr noshade="noshade" size="2" color="gray"></div></td>
</tr>
</TABLE>


<br><br>


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<tr>
<td rowspan="8" width="5%"><font size="1" face="Times New Roman">&#160;&#160;&#160;</font></td>
<td colspan="5" align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman">Letter to Our Stockholders</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
</tr>
<tr>
<td colspan="5"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="5" align="left"><img src="page8.jpg"></td>
</tr>
<tr>
<td colspan="5"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Still, we would not be surprised if the coming months brought another downturn.
We did not become too excited by the rally that closed out June,
which, though welcome, did little to convince us that the downturn
was over. While we continue to believe that stocks can generate
positive returns over the next two or three years, we are not
anticipating a rally in the second half of 2011 such as the one we
had in the final six months of 2010. As stated, our bullishness and
optimism are real, but low key. We believe that the fortunes of
quality companies in all asset classes will resemble the growth in
the economy&#151;slow and steady, not very dramatic, but in retrospect
more than satisfying.<br><br>Sincerely,</font></div></td>
</tr>
<tr>
<td colspan="5"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td align="center"><img src="cmr-sign.jpg"></td>
<td>&#160;</td>
<td align="center"><img src="wwg-sign.jpg"></td>
<td>&#160;</td>
<td align="center"><img src="jef-sign.jpg"></td>
</tr>
<tr>
<td width="12%" align="left"><font face="Times New Roman" Size="2">Charles M. Royce<br><i>President</i></font></td>
<td width="12%">&#160;</td>
<td width="12%" align="center"><font face="Times New Roman" Size="2">W. Whitney George<br><i>Vice President</i></font></td>
<td width="12%">&#160;</td>
<td width="12%" align="center"><font face="Times New Roman" Size="2">Jack E. Fockler, Jr.<br><i>Vice President</i></font></td>
</tr>
<tr>
<td>&#160;</td>
<td colspan="6" ><p><font face="times new roman" Size="2"><br>July 31, 2011</font></p></td>
</tr>
</TABLE>


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<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">8</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font></td>
</tr>
</TABLE>


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<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman"><a name="postscript"></a>Decisions, Decisions</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="2" valign="bottom"><hr noshade="noshade" size="2" color="#004a8d"></td>
</tr>
</TABLE>




<P ALIGN=CENTER><FONT SIZE=2><i>&#147;Not to decide is to decide.&#148;</i> &#150; Theologian Harvey Cox</FONT></P>



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  <tr style="FONT-SIZE:1PX">
    <td width="24%" valign=TOP><p>&nbsp;</p></td>
    <td width="2%" valign=TOP><p>&nbsp;</p></td>
    <td width="17%" valign=TOP><p>&nbsp;</p></td>
    <td width="3%" valign=TOP><p>&nbsp;</p></td>
    <td width="17%" valign=TOP><p>&nbsp;</p></td>
    <td width="2%" valign=TOP><p>&nbsp;</p></td>
    <td width="24%" valign=TOP><p>&nbsp;</p></td>
    <td width="1%" valign=TOP><p>&nbsp;</p></td>
  </tr>
  <tr>
    <td colspan=3 valign=TOP><p align=JUSTIFY><font size=2>Washington DC has mostly been in a
      state of gridlock since the mid-term elections of 2010. While there
      has been no deficit in the number of potential solutions, policy
      prescriptions and bold new ideas&#151;each one sure to both jump start the
      slow-growing economy and to keep it rolling along at a steady pace in
      the years to come&#151;this proliferation of ideas has produced few actual
      decisions.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If nothing else, the current political stalemate makes
      us grateful to be in a line of work in which indecision is simply not an option. Each day our talented </font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td colspan=4 valign=TOP><p align=JUSTIFY><font size=2> market cap scale that are eager to move up or from larger players
      looking to consolidate their market share of a business.<br>
      &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;So before
      we even look at a company&#146;s fundamentals, there are risk factors that
      come into play. Indeed, one reason why we focus our attention on
      companies with strong balance sheets, high returns on invested
      capital, the ability to generate free cash flow, capable management
      and other factors that indicate financial stability is that these
      traits have historically acted as a bulwark against the forces </font></p></td>
  </tr>
  <tr>
    <td valign=TOP><p align="justify"><font size=2>investment
      staff must make decisions that not only concern individual companies,
      but industries and sectors as well. There is an ever-present need to
      make choices about how to best position the portfolios for long-term
      capital appreciation.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many
      of the most critical decisions revolve around risk and volatility. In
      our own area of the equity universe, there is ample risk even for the
      seemingly best-managed companies in robust industries that boast
      enviable financial strength. We have seldom purchased shares of
      a business for which one of our portfolio managers could not act as a legitimate
      devil&#146;s advocate.</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td colspan=3 valign=center><p align="center"><font size=2 color="#004a8d" face="arial"><BR>One reason why we focus
      our attention on companies with strong balance sheets, high returns
      on invested capital, the ability to generate free cash flow, capable
      management and other factors that indicate financial stability is
      that these traits have historically acted as a bulwark against the
      forces that can render small-cap stocks so vulnerable. Finding
      companies with these characteristics does not eliminate the risks
      mentioned above, but it is one of the primary methods that we use to
      manage volatility in our portfolios. </font></p>
        <p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td colspan="3" valign=TOP><p align=JUSTIFY><font size=2>that can render small-cap stocks so vulnerable. Finding companies with these characteristics does not eliminate the risks mentioned
      above, but it is one of the primary methods that we use to manage
      volatility in our portfolios.<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
      decision-making follows a simple logic: the stronger the company, the
      more likely it will be to survive adversity, whether in its own
      industry or in the economy as a whole. This theory received its best
      test during the darkest days of the last correction. Between the fall
      of 2008 and late winter of 2009, most of our portfolio holdings were battered by the near-meltdown of
      the global financial system, but many held on to enjoy both revived
      business and resurgent stock prices.</font></p></td>
  </tr>
   <tr>
    <td colspan=3 rowspan=2 valign=TOP><p align=JUSTIFY><font size=2>Playing such a role, in fact, is a common step in
      our stock evaluation process. We think about risk all the time, about
      the possibility of what we refer to as &#145;permanent capital
      impairment.&#146; It&#146;s an important consideration when investing in
      small-cap stocks. In general, smaller companies are more fragile than
      their large-cap counterparts. They are more likely to be reliant on a
      single customer, usually involved in a single line of business and as
      such may be subject to a potentially fatal level of
      competition from insurgents beneath them on the </font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td colspan=4 valign=TOP><p align=justify><font
size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
      business is obviously quite different from the process of legislating
      or policymaking. To state two of the most obvious reasons, our
      decisions are not nearly as momentous and their implementation is far
      less contentious. However, with all due respect to Harvey Cox, in our
      business, not deciding is never an option&#151;there is really no such
      thing as not deciding when managing assets. Which suits us just
      fine.</font></p></td>
  </tr>
</TABLE>


<br>




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<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">9</font></td>
</tr>
</TABLE>


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<div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a name="small-cap"></a>Small-Cap Market Cycle Performance</font></div>
<div><hr noshade="noshade" size="2" align="left" color="#004a8d" width="90%"></div>

<p style="margin-right: 10%;" align="justify"><font size="2"
color="#004a8d" face="arial"><b>We believe strongly in the
idea that a long-term investment perspective is crucial for
determining the success of a particular investment approach.
Flourishing in an up market is wonderful. Surviving a bear market by
losing less (or not at all) is at least as good. However, the true
test of a portfolio&#146;s mettle is performance over full market cycle
periods, which include both up and down market periods. We believe
that providing full market cycle results is more appropriate even
than showing three- to five-year standardized returns because the
latter periods may not include the up and down phases that constitute
a full market cycle.</b></font></p>
<div style="height: 100px; margin-right: 10%;">



<table align="left" border="0" cellpadding="0" cellspacing="0" width="53%">

<tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">Since the Russell 2000 Index&#146;s inception on 12/31/78,
value&#151;as measured by the Russell 2000 Value Index&#151;outperformed
growth&#151;as measured by the Russell 2000 Growth Index&#151;in six of the
small-cap index&#146;s eight full market cycles. The most recently
concluded cycle, which ran from 3/9/00 through 7/13/07, was the
longest in the index&#146;s history, and represented what we believe was a
return to more historically typical performance in that value
provided a significant advantage during its downturn (3/9/00 &#150;
10/9/02) and for the full cycle. In contrast, the new market cycle
that began on 7/13/07 has so far favored growth over value, an
unsurprising development when one considers how thoroughly value
dominated growth in the previous full cycle.</font></div></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<tr>
<td align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>Peak-to-Peak</b> (3/9/00&#150;7/13/07)</font></td>
<td rowspan="7" width="3%"><font size="1" face="Times New Roman">&#160;&#160;&#160;&#160;</font></td>
</tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">For the full cycle, value provided a sizable margin over
growth, which finished the period with a loss. Each of our closed-end
funds held a large performance advantage over the Russell 2000 on
both an NAV (net asset value) and market price basis. On an NAV
basis, Royce Focus Trust (+264.2%) was our best performer by a wide
margin, followed by Royce Micro-Cap Trust (+175.9%) and Royce Value
Trust (+161.3%). The latter two funds in particular benefited from
their use of leverage during this, as well as in subsequent, bullish
periods.</font></div></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>Peak-to-Current</b> (7/13/07&#150;6/30/11)</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">During the difficult, volatile decline that ended 3/9/09,
both value and growth posted similarly negative returns. Events in
the financial markets immediately preceding the end of 2008&#146;s third
quarter caused the Russell 2000 to decline significantly. After a
brief rally at the end of 2008, the index continued
to</font></div></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
</TABLE>




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<tr bgcolor="#004a8d">
<td align="left" valign="bottom" colspan="17"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;SMALL-CAP MARKET CYCLE: RUSSELL 2000 INDEXES TOTAL RETURNS</b></font>
</tr>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP colspan="17" STYLE="BORDER-BOTTOM:SOLID #c3ce22 2PX">&nbsp;
 </TD>
 </TR>
<tr>
<td colspan="17"><img src="page10.jpg" width="100%"></td>
</tr>
<tr>
<td colspan="17"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="17" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial">&#160;&#160;<b>ROYCE FUNDS NAV TOTAL RETURNS VS. RUSSELL 2000 INDEX:</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="17" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial">&#160;&#160;<b>MARKET CYCLE RESULTS</b></font></td>
</tr>
<tr bgcolor="#dee495">
<td colspan="17" valign="bottom"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak-to-</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak-to-</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Trough-to-</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak-to-</b></font></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Trough</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Current</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Current</b></font></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">3/9/00-</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">7/13/07-</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">3/9/09-</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">7/13/07-</font></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">7/13/07</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">3/9/09</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">6/30/11</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">6/30/11</font></td>
</tr>
<tr>
<td align="left" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>Russell 2000</b></font></td>
<td width="1%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="4%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>54.8</b></font></td>
<td align="left" valign="bottom" width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>%</b></font></td>
<td width="5%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" width="4%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>-58.9</b></font></td>
<td align="left" valign="bottom" width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>%</b></font></td>
<td width="5%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="4%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>148.5</b></font></td>
<td align="left" valign="bottom" width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>%</b></font></td>
<td width="5%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" width="4%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>2.2</b></font></td>
<td align="left" valign="bottom" width="2%" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>%</b></font></td>
</tr>

<tr>
<td align="left" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>Russell 2000 Value</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>189.4</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>-61.1</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>143.0</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td nowrap align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>-5.5</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
</tr>

<tr>
<td align="left" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>Russell 2000 Growth</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>-14.8</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>-56.8</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>153.7</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial"><b>9.7</b></font></td>
<td bgcolor="#f4f7dd" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
</tr>

<tr>
<td align="left" valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">Royce Value Trust</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">161.3</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">-65.6</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">191.6</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">0.4</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
</tr>

<tr>
<td align="left"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">Royce Micro-Cap Trust</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">175.9</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">-66.3</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">183.5</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">-4.6</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
</tr>

<tr>
<td align="left"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">Royce Focus Trust</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">264.2</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">-58.3</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">147.1</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
<td align="right"valign="bottom" STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="2" face="Arial">3.1</font></td>
<td STYLE="BORDER-BOTTOM:SOLID gray 1PX"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom">&#160;</td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">fall, though it has since recovered
significantly, gaining 148.5% from 3/9/09 through 6/30/11. Royce
Focus Trust outperformed the index during the decline, while Royce
Value Trust and Royce Micro-Cap Trust trailed. This pattern was
reversed in the bullish phase from the bottom on 3/9/09 through
6/30/11. Royce Value Trust and Royce Micro-Cap Trust substantially
outperformed the Russell 2000 in this period, while Royce Focus Trust
narrowly trailed the benchmark.</font></div></td>
</tr>
</TABLE>


</div>



<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr><td colspan="12">&nbsp;</td></tr>
<tr>
<td colspan="3" valign="bottom"><div style="margin-bottom: -10px;"><hr noshade="noshade" size="2" color="gray"></div><div style="margin-bottom: -7px;"><hr noshade="noshade" size="2" color="gray"></div></td>
</tr>

<tr>
<td align="left" valign="bottom"><font size="2">Past performance is no guarantee of future results. See page 2 for important performance information for all of the above funds.</td>
</tr>
</TABLE>


<br>


<table>
<tr>
<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">10</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Semiannual Report to Stockholders</font></td>
</tr>
</TABLE>


<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->



<br style="page-break-before: always;" clear="all">




<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman">Table of Contents</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><hr noshade="noshade" size="2" color="#004a8d"></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;"><a name="p01-f11"></a><font size="2" color="#004a8d" face="Arial"><b>Semiannual Report to Stockholders</b></font></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><hr noshade="noshade" size="2"></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;"><font size="2" color="#004a8d" face="Arial"><b>Managers&#8217; Discussions of Fund Performance</b></font></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><a href="#rvt"><FONT SIZE="2" FACE="Arial" COLOR="#000000">Royce Value Trust</font></a></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><a href="#rmct"><FONT SIZE="2" FACE="Arial" COLOR="#000000">Royce Micro-Cap Trust</font></a></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">14</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><a href="#rft"><FONT SIZE="2" FACE="Arial" COLOR="#000000">Royce Focus Trust</font></a></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><hr noshade="noshade" size="2"></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#history"><font size="2" color="#004a8d" face="Arial"><b>History Since Inception</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#distribution"><font size="2" color="#004a8d" face="Arial"><b>Distribution Reinvestment and Cash Purchase Options</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<font size="2" color="#004a8d" face="Arial"><b>Schedules of Investments and Other Financial Statements</b></font></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#rvt-poi"><FONT SIZE="2" FACE="Arial" COLOR="#000000">Royce Value Trust</font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#rmct-poi"><FONT SIZE="2" FACE="Arial" COLOR="#000000">Royce Micro-Cap Trust</font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">35</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#rft-poi"><FONT SIZE="2" FACE="Arial" COLOR="#000000">Royce Focus Trust</font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">47</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#directors"><font size="2" color="#004a8d" face="Arial"><b>Directors and Officers</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">56</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#notes"><font size="2" color="#004a8d" face="Arial"><b>Notes to Performance and Other Important Information</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">57</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a href="#board"><font size="2" color="#004a8d" face="Arial"><b>Board Approval of Investment Advisory Agreements</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">58</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><div style="margin-bottom: -10px;"><hr noshade="noshade" size="2" color="gray"></div><div style="margin-bottom: -7px;"><hr noshade="noshade" size="2" color="gray"></div></td>
</tr>
</TABLE>


<br>


<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">11</font></td>
</tr>
</TABLE>


<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->


<br style="page-break-before: always;" clear="all">


<div style="height: 100px; margin-right: 10%;">


<table align="left" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="11" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Arial" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>AVERAGE ANNUAL NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Through 6/30/11</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Jan-June 2011<sup><a href="#p12-1">1</a></sup></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">5.39</font></td>
<td><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">One-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">41.59</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Three-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">6.92</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Five-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">4.33</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">10-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.78</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">15-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.60</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">20-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.70</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Since Inception (11/26/86)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.06</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p12-1"></a>1</sup>Not annualized</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="20%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>RVT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="15%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="13%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="9%"><font size="2" color="#c3ce22" face="Arial"><b>RVT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2010</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">30.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2000</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">16.6</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2009</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">44.6</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1999</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">11.7</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2008</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-45.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1998</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2007</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">5.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1997</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">27.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2006</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1996</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">15.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2005</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1995</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2004</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1994</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2003</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">40.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1993</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">17.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2002</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-15.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1992</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2001</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">15.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1991</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">38.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>TOP 10 POSITIONS</b><br> % of Net Assets Applicable<br> to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Coherent</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Oil States International</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Sapient Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">HEICO Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Nordson Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Rofin-Sinar Technologies</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Alleghany Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Newport Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Ritchie Bros. Auctioneers</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Reliance Steel &amp; Aluminum</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">% of Net Assets Applicable to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
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<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Industrials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">26.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Information Technology</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Financials </font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Discretionary</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Materials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Health Care</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Energy</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Staples</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Diversified Investment Companies</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Miscellaneous</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Bond and Preferred Stocks</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
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<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Cash and Cash Equivalents</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
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<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</TABLE>


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<tr>
<td colspan="6" rowspan="28" width="5%"><font size="1" face="Arial">&#160;&#160;&#160;</font></td>
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<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
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<tr>
<td colspan="6" align="left" valign="top"><div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a name="cover-rvt"></a><a name="rvt"></a>Royce Value Trust</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
</tr>
<tr>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
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<tr>
<td colspan="6" align="left" valign="top"><div align="justify">
<img src="royce-chuck.jpg" style="margin-bottom: 10px; margin-right: 10px; height: 150px;" align="left">
<font size="2" color="#004a8d" face="Arial"><b>Manager&#146;s Discussion</b></font><br>
<font size="2" face="Times New Roman">Economic data for the first half of 2011 was uneven, with global growth being affected by stubbornly high commodity prices, including a spike in oil following civil unrest in major oil producing areas and the toll of natural disasters such as the floods in New Zealand and tsunami in Japan. Corporate earnings continued to be a bright spot as companies effectively managed costs while experiencing solid revenue growth, boosting margins. Royce Value Trust (RVT), with its broadly diversified portfolio of small- and micro-cap stocks, performed reasonably well in 2011&#146;s volatile first half. <b>Over the period, RVT gained 5.4% on an NAV basis, and 5.3% based on the market price of its shares, trailing its unleveraged small-cap benchmarks, the Russell 2000 Index, which added 6.2%, and the S&amp;P SmallCap 600 Index, which rose 7.5%.</b>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund&#146;s relative performance in each of the first two quarters of 2011 was largely in line with its benchmarks as well. During the bullish first quarter, which garnered strength from continued solid corporate earnings reports, the Fund rose 8.2% and 7.1% on an NAV and market price basis, respectively, while the Russell 2000 gained 7.9%, and the S&amp;P SmallCap 600 advanced 7.7%. During the volatile second quarter, when small-cap stock prices suffered a 10% correction following renewed concerns over Greek sovereign finances, only to be followed by a sharp rally as European policy makers sought to control the contagion, RVT generated an NAV decline of 2.6% and a market price loss of 1.8% compared to the Russell 2000&#146;s drop of 1.6%, and the S&amp;P SmallCap 600&#146;s decline of 0.2%.</font></div></td>
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<tr>
<td rowspan="18" bgcolor="#ffffff" valign="top"><div align="justify">
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Now more than two years removed from the market lows on March 9, 2009, there has been substantial progress in the healing of financial markets and the investor confidence that ultimately supports them. While risk managers first and foremost, we were quite pleased that RVT was able to maintain its impressive lead over its benchmarks in this volatile but bullish period. While not without periodic setbacks, RVT performed admirably, outpacing both of its benchmarks from the small-cap low on March 9, 2009 through June 30, 2011, with gains of 191.6% (NAV) and 210.5% (market price) compared to the Russell 2000 and the S&amp;P 600, which advanced 148.6% and 151.4%, respectively. On an NAV basis, the Fund beat both its benchmarks for the one-year, 15-year, 20-year and since inception (11/26/86) periods ended June 30, 2011 and also added an advantage over the Russell 2000 for the five-year and 10-year periods. <b>RVT&#146;s NAV average annual total
return since inception was 11.1%.</b></font></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
<td colspan="4" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS THAT WORKED</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
<td colspan="4" nowrap="nowrap" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Contributors to Performance <br>&nbsp;&nbsp;&nbsp;Year-to-Date through 6/30/11<sup><a href="#p12-2"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
</tr>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">CARBO Ceramics</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.24</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Oil States International</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.23</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td width="4%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="40%"><font size="2" face="Arial">SRA International Cl. A</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom" width="6%"><font size="2" face="Arial">0.22</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">HEICO Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.22</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Coherent</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.21</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p12-2"></a>1</sup> Includes dividends</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="6" align="left" valign="bottom"><div
align="justify"><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investors seemed to grow more
comfortable focusing on company specific fundamentals as opposed to
the constant barrage of macroeconomic risks that had so consumed them
in the period following the financial crisis. This trend was evident
in the Fund&#146;s sector results. Six of the Fund&#146;s 11 equity sectors
contributed positively to returns in the first half, two detracted
from returns, and the remaining three were essentially flat.
Industrials and Information Technology</b></font></div></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="6" align="left" valign="bottom"><div align="justify">
<font size="2" color="#004a8d" face="Arial"><b>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br><b>All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund&#146;s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. Regarding the two &#147;Good Ideas&#148; tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund&#146;s year-to-date performance for 2011.</b></font></div></td>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">12</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font></td>
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</TABLE>


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<tr>
<td colspan="7" valign="top"><div align="right"><font size="5" color="#004a8d" face="Times New Roman">Performance and Portfolio Review</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d"></div></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="2"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="7" valign="top"><div align="justify"><font size="2" face="Times New Roman">were the top gainers followed by Energy and Health Care. Materials was the worst performer, joined by a modest loss in Consumer Staples. Performance in each demonstrated that even typically defensive areas of the market exhibited pockets of weakness. At the industry level, energy equipment &amp; services, machinery, and electronic equipment, instruments &amp; components, each from different sectors, contributed most. Metals &amp; mining, automobiles, and diversified consumer services were the worst performing industries, as a sharp second-quarter drop in silver prices hurt mining companies, while a spike in oil prices dented an already bruised consumer.
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CARBO Ceramics, a long-time Royce holding, was the best performer in the period. This leading producer and supplier of ceramic proppants used in horizontal shale drilling activity has benefited from extremely strong pricing in this supply constrained commodity critical to the success of shale wells. Oil States International was another top performer for the Fund. This leading provider of specialty products and services to oil and gas drilling and exploration companies, saw a jump in its shares as a rising tide of increasing oil prices and subsequent high levels of demand for each of the company&#146;s four primary business units&#151;accommodations, offshore products, tubular services and well site services&#151;led to high earnings and cash flow growth.</font></div></td>
</tr>
<tr>
<td width="1%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="40%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="6%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="3%"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="15" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On the negative side, one notable loser was also one of our longstanding favorites, Patriot Transportation Holding. Hailing from the Industrial sector, its unique combination of transportation and real estate businesses reported lackluster earnings that were uninspiring to investors. However, with strong balance sheet, gradual improvement in its various lines of business and our view that the market substantially undervalues its assets, we continue to maintain our positive stance on the company. E-House China Holdings, a Shanghai-based real estate services operation with strong national brand recognition, was adversely affected by Chinese tightening on interest rates and more specific measures instituted by the Chinese government (and municipal governments) to discourage real estate speculation. Like many small-cap and micro-cap U.S. listed companies that are based in China or derive a
large portion of their business from China, E-House China Holdings was also pressured due to the accounting irregularities at another U.S. listed Chinese firm during the period.</font></div></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Detractors from Performance<br>&nbsp;&nbsp;&nbsp;Year-to-Date through 6/30/11<sup><a href="#p13-3"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="top"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Patriot Transportation Holding</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.16</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">E-House China Holdings ADR</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.13</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Winnebago Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.11</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Hawkins</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.11</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Hecla Mining</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.10</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p13-3"></a>1</sup>Net of dividends</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="7" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><br><b>MARKET PRICE PERFORMANCE HISTORY SINCE INCEPTION (11/26/86)</b> through 6/30/11</font></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#c3ce22"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><img src="page13a.jpg" width="100%"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#626366"></td>
</tr>
<tr>
<td valign="top" width="2%"><font size="2" face="Arial"><sup>1</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the cumulative total return of an investment made by a stockholder who purchased one share at inception ($10.00 IPO), reinvested all annual distributions and fully participated in primary subscriptions
of the Fund&#146;s rights offerings.</font></div></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Arial"><sup>2</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the actual market price of one share as it traded on the NYSE.</font></div></td>
</tr>
</TABLE>


<br>


<table align="right" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">

<td colspan="17" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Arial" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td rowspan="44" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="45" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>FUND INFORMATION AND</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Average Market Capitalization<sup><a href="#p13-1">1</a></sup></font></td>
<td colspan="3" nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">$1,476 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/E Ratio<sup><a href="#p13-2">2</a></sup></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">16.3x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/B Ratio</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">1.9x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">81.3%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Non-U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">28.0%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Fund Total Net Assets</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$1,371 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Net Leverage<sup><a href="#p13-3">3</a></sup></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">9%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Turnover Rate</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">12%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Number of Holdings</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">581</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Symbol</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">Market Price</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">RVT</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">NAV</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">XRVTX</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>

<tr bgcolor="#f4f7dd">
<td valign="top"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" colspan="14" valign="top"><font size="1" face="Arial"><p style="margin-left: 8px; text-indent: -8px" align="justify"><sup><a name="p13-1"></a>1</sup></font>&nbsp;<font size="1" face="Arial">Geometrically calculated</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td valign="top"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" colspan="14" valign="top"><div style="margin-left: 8px; text-indent: -8px;" align="justify"><font size="1" face="Arial"><sup><a name="p13-2"></a>2</sup></font>&nbsp;<font size="1" face="Arial">The Fund&#146;s P/E ratio calculation excludes companies with zero or negative earnings (9% of portfolio holdings as of 6/30/11).</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td valign="top"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" colspan="14" valign="top"><div style="margin-left: 8px; text-indent: -8px;" align="justify"><font size="1" face="Arial"><sup>3</sup></font>&nbsp;<font size="1" face="Arial">Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.</font></div></td>
</tr>

<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="2" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td width="1%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="12" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Publicly Traded Securities Outstanding at 6/30/11 at NAV or Liquidation Value</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 10px; text-indent: 0px;"><font size="2" face="Arial">67.0 million shares<br>
of Common Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$1,151 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 10px; text-indent: 0px;"><font size="2" face="Arial">5.90% Cumulative<br>
Preferred Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$220 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>DOWN MARKET PERFORMANCE COMPARISON</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">All Down Periods of 7.5% or Greater<br>
Over the Last 7 Years, in Percentages(%)</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
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<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="top"><img src="page13b.jpg" width="100%"></td>
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<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"  style="border-bottom:solid #000000 1px;">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="15" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="17" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
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<div style="clear: both;"></div><br>


<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="right" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">13</font></td>
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</TABLE>


<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
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<br style="page-break-before: always;" clear="all">


<div style="height: 100px; margin-right: 10%;">


<table align="left" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="11" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Arial" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>AVERAGE ANNUAL NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color=#004a8d face="Arial">Through 6/30/11</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Jan-June 2011<sup><a href="#p14-1">1</a></sup></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.12</font></td>
<td><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">One-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">34.62</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Three-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">6.23</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Five-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.18</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">10-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.46</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">15-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.34</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Since Inception (12/14/93)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.05</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p14-1"></a>1</sup>&nbsp;Not annualized</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="20%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>RMT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="15%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="13%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="9%"><font size="2" color="#c3ce22" face="Arial"><b>RMT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2010</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">28.5</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2001</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">23.4</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2009</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">46.5</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2000</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">10.9</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2008</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-45.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1999</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2007</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1998</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-4.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2006</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">22.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1997</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">27.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2005</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1996</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2004</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1995</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">22.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2003</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">55.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1994</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">5.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2002</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-13.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>TOP 10 POSITIONS</b><br> % of Net Assets Applicable to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Kennedy-Wilson Holdings</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.8</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Sapient Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Tennant Company</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Seneca Foods</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Epoch Holding Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Richardson Electronics</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Raven Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Drew Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">America&rsquo;s Car-Mart</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
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<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">HEICO Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
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<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">% of Net Assets Applicable to Common Stockholders</font></td>
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<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Industrials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">25.9</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
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<tr bgcolor="#f4f7dd">
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Information Technology</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Financials </font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Discretionary</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Materials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Health Care</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Energy</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">4.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Staples</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Telecommunication Services</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Utilities</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Miscellaneous</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">4.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Preferred Stock</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Cash and Cash Equivalents</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.2</font></td>
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<td rowspan="22" width="3%"><font size="1" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;</font></td>
<td colspan="6" align="left" valign="top"><div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a name="cover-rmct"></a><a name="rmct"></a>Royce Micro-Cap Trust</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
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<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="6" align="left" valign="top"><div align="justify">
<img src="royce-chuck.jpg" style="margin-bottom: 10px; margin-right: 10px; height: 150px;" align="left">
<font size="2" color="#004a8d" face="Arial"><b>Manager&#146;s Discussion</b></font><br>
<font size="2" face="Times New Roman">Following two stellar years for micro-cap stocks in 2009 and 2010, our mean reversion sensibilities anticipated some moderation in the pace of gains as we entered 2011. Interestingly, the first half of 2011 contained many of the same headlines&#151;deteriorating European sovereign finances, Chinese inflation, developed markets&#146; currency debasement, U.S. economic slowdown&#151;that had worried investors in 2010. Focused exclusively on the fortunes of individual companies, we continue to be pleased with the progress businesses are making in this less than ideal macroeconomic backdrop. While returns did moderate in the first half of 2011, earnings are growing at a healthy pace and the already strong financial position of many companies continues to build. <b>Over the first six months of 2011, RMT gained 3.1% on an NAV (net asset value) basis, and 3.3% based on the market price of its shares, underperforming its unleveraged small-cap benchmark, the Russell 2000 Index,
which advanced 6.2%, and performing in line with the Russell Microcap Index, which rose 3.1%, for the same period.</b></font></div></td>
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<tr>
<td rowspan="16" bgcolor="#ffffff" valign="top"><div align="justify">
<font size="2" face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the more bullish first quarter, RMT gained a respectable 6.5% on an NAV basis and 5.8% based on market price, compared to respective advances of 7.9% and 6.8% for the Russell 2000 and Russell Microcap Indexes. When stock prices turned volatile in the second quarter, the Fund lost 3.2% on an NAV basis and 2.4% on a market price basis. For the same period, the Russell 2000 fell 1.6%, and the Russell Microcap retrenched 3.5%. So though it gave up a bit of ground from the market low on March 9, 2009 through June 30, 2011, RMT maintained its impressive lead, up 183.5% (NAV) and 200.3% (market price) compared to the Russell 2000, which was up 148.6%, and the Russell Microcap, which rose 147.1%. On an NAV basis, the Fund outpaced the Russell Microcap Index for the one-, five- and 10-year periods ended June 30, 2011. (Returns for the Russell Microcap Index only go back to 2000.) On both an NAV and market price basis, RMT was ahead of the
Russell 2000 for the 10-year, 15-year and since inception (12/14/93) periods ended June 30, 2011. <b>RMT&#146;s NAV average annual total return since inception was 11.1%.</b></font></div></td>
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<td colspan="4" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS THAT WORKED</b></font></td>
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<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
<td colspan="4" nowrap="nowrap" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Contributors to Performance<br>&nbsp;&nbsp;&nbsp;Year-to-Date through 6/30/11<sup><a href="#p14-2"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
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<td nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Heritage-Crystal Clean</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.44</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Kennedy-Wilson Holdings</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.35</font></td>
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<td width="4%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="40%"><font size="2" face="Arial">Sapient Corporation</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom" width="6%"><font size="2" face="Arial">0.32</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Frequency Electronics</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.25</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Tejon Ranch</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.24</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p14-2"></a>1</sup> Includes dividends</font></td>
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<td colspan="6" align="left" valign="bottom"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the first half of 2011, eight of the Fund&#146;s ten equity sectors made positive contributions to performance, with Information Technology and Industrials leading the way. Consumer Staples and Utilities were the only detractors in the period. At the industry level, electronic equipment, instruments &amp; components was the top performer. Two industries from the Industrials sector, commercial services &amp; supplies and machinery, came next, both benefiting from the continued renaissance in U.S. manufacturing that has long been a theme at Royce. Food products from within the Consumer Staples sector put a notable drag on performance, as higher commodity costs dug into margins in this typically defensive area of the market. Cyclical companies broadly were under pressure, especially in the second quarter, as risk aversion resurfaced following uneven economic data and
increased headline anxieties.</b></font></div></td>
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<td colspan="6" align="left" valign="bottom"><div align="justify">
<font size="2" color="#004a8d" face="Arial"><b>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br><b>All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund&#146;s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. Regarding the two &#147;Good Ideas&#148; tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund&#146;s year-to-date performance for 2011.
</b></font></div></td>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">14</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font></td>
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<td colspan="7" valign="top"><div align="right"><font size="5" color="#004a8d" face="Times New Roman">Performance and Portfolio Review</font></div>
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<td colspan="7" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Correlation in the market continued to decline in the first half of 2011, which was a welcome reprieve from the highly correlated characteristics that defined much of the recovery period off the bear market lows in March 2009. This was a gratifying turn of events as our process is focused on the successes and failures of individual companies. Not surprisingly, we had some of each in the first half. On the positive side, Heritage-Crystal Clean, a leading provider of industrial and hazardous waste services, was RMT&#146;s top gainer. Benefiting from continued positive trends in environmental services, broadly, the company also continued to expand its network of small- and mid-sized customers that generally have more limited resources to dedicate to waste remediation, and look to companies like Heritage-Crystal to fulfill this highly regulated area of their business. Kennedy-Wilson Holdings is
a vertically integrated international real estate and investment services company that expanded its footprint to include Europe (along with existing business in the U.S. and Japan) through the acquisition of Bank of Ireland&#146;s real estate investment management business. In the U.S., the company continued to source attractive deals through its extensive network of real estate partners.</font></div></td>
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<td width="40%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="6%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="3%"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="15" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patriot Transportation Holding detracted most from first-half returns. Hailing from the Industrials sector and possessed of a unique combination of transportation and real estate businesses, it reported lackluster earnings. A long-term holding in the portfolio, Patriot boasts a very strong balance sheet, is seeing gradual improvement in its various lines of business and continues to have what we believe are substantially undervalued assets. Another notable loser was Origin Agritech, a U.S. listed company headquartered in China that is engaged in the manufacture and distribution of hybrid and genetically modified crop seeds. The company reported earnings that missed analyst expectations mostly as a result of a drop in revenues due to changing planting schedules of farmers. R&amp;D expenses were also higher than expected as the company continued to invest in developing their product
portfolio. Its share price also suffered in the wake of accounting fraud revelations at another U.S. listed Chinese business. This development depressed the stocks of many U.S. listed Chinese companies in June, even those with no relation to the original firm.</font></div></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Detractors from Performance<br>&nbsp;&nbsp;&nbsp;Year-to-Date through 6/30/11<sup><a href="#p15-3"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="top"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Patriot Transportation Holding</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.28</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Origin Agritech</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.26</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Fushi Copperweld</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.19</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Rentrak Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.18</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Flexsteel Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.17</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p15-3"></a>1</sup> Net of dividends</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="7" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">
  <b>MARKET PRICE PERFORMANCE HISTORY SINCE INCEPTION (12/14/93)</b> through 6/30/11</font></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#c3ce22"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><img src="page15a.jpg" width="100%"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#626366"></td>
</tr>
<tr>
<td valign="top" width="2%"><font size="2" face="Arial"><sup>1</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the cumulative total return of an investment made by a stockholder who purchased one share at inception ($7.50 IPO), reinvested distributions and fully participated in the primary subscription of the 1994 rights offering. </font></div></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Arial"><sup>2</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the actual market price of one share as it traded on the NYSE and, prior to 12/1/03, on Nasdaq. </font></div></td>
</tr>
</TABLE>


<br>


<table align="right" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">

<td colspan="17" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Arial" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td rowspan="41" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="42" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>FUND INFORMATION AND</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Average Market Capitalization<sup><a href="#p15-1">1</a></sup></font></td>
<td colspan="3" nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">$341 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/B Ratio</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">1.6x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">86.0%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Non-U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">16.7%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Fund Total Net Assets</font></td>
<td colspan="3" align="right" valign="bottom" nowrap><font size="2" face="Arial">$377 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Net Leverage<sup><a href="#p15-2">2</a></sup></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">3%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Turnover Rate</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">13%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Number of Holdings</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">334</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Symbol</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">Market Price</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">RMT</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">NAV</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">XOTCX</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p15-1"></a>1</sup> Geometrically calculated</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 10px; text-indent: -10px;" align="justify"><font size="1" face="Arial"><sup><a name="p15-2"></a>2</sup> Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.</font></div></td>
</tr>

<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="2" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Publicly Traded Securities Outstanding at 6/30/11 at NAV or Liquidation Value</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">27.8 million shares<br>
of Common Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$317 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">6.00% Cumulative<br>
Preferred Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$60 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>DOWN MARKET PERFORMANCE COMPARISON</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">All Down Periods of 7.5% or Greater<br> Over the Last 7 Years, in Percentages(%)</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="top" style="border-bottom: solid black 1px"><img src="page15b.jpg" width="100%"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="17" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</TABLE>

</div>
<br>
<div style="clear: both;"></div><br>


<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="right" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">15</font></td>
</tr>
</TABLE>


<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->


<br style="page-break-before: always;" clear="all">


<div style="height: 100px; margin-right: 10%;">


<table align="left" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="13" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Arial" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>AVERAGE ANNUAL NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Through 6/30/11</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Jan-June 2011<sup><a href="#p16-1">1</a></sup></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.71</font></td>
<td><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">One-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">37.02</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Three-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">2.89</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Five-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.03</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">10-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.02</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Since Inception (11/1/96)<sup><a href="#p16-2">2</a></sup></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.42</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><p style="margin-left: 8px; text-indent: -8px;" align="justify"><sup><a name="p16-1"></a>1</sup>&nbsp;Not annualized</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><p style="margin-left: 8px; text-indent: -8px; margin-top:-3pt" align="justify"><font size="1" face="Arial"><sup><a name="p16-2"></a>2</sup>&nbsp;Royce &amp; Associates assumed investment management responsibility for the Fund on 11/1/96.
</font></p></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>




<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="20%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>FUND</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="15%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="13%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="9%"><font size="2" color="#c3ce22" face="Arial"><b>FUND</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>




<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2010</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21.8</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2003</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">54.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>


<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2009</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">54.0</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2002</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-12.5</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>


<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>


<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2008</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-42.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2001</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2007</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2000</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2006</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1999</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2005</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">13.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1998</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-6.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2004</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">29.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1997</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>TOP 10 POSITIONS</b><br> % of Net Assets Applicable to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Franklin Resources</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Western Digital</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Berkshire Hathaway Cl. B</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Allied Nevada Gold</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Analog Devices</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">GameStop Corporation Cl. A</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Microsoft Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Trican Well Service</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Buckle (The)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Seabridge Gold</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">% of Net Assets Applicable to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Materials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">25.9</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Financials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Information Technology</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Energy</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">13.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Industrials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Discretionary</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Staples</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">5.6</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.9</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Cash and Cash Equivalents</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">12.9</font></td>
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<td colspan="6" align="left" valign="top"><div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a name="cover-rft"></a><a name="rft"></a>Royce Focus Trust</font></div>
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<img src="wgeorge.jpg" style="margin-bottom: 10px; margin-right: 10px; height: 150px;" align="left">
<font size="2" color="#004a8d" face="Arial"><b>Manager&#8217;s Discussion</b></font><br>
<font size="2" face="Times New Roman">
A highly volatile market, particularly for many hard asset and industrial stocks, made for a disappointing first half for Royce Focus Trust (FUND). <b>The Fund was up 3.7% on an NAV (net asset value) basis and 5.5% on a market price basis for the year-to-date period ended June 30, 2011, in each case behind the 6.2% gain of its unleveraged small-cap benchmark, the Russell 2000 Index, for the same period.</b>
The Fund began the year on a high note, with very strong absolute and relative results in the first quarter. Between January and March, it rose 8.5% on an NAV basis and 11.7% on a market price basis, in both instances ahead of the benchmark, which climbed 7.9% in the first quarter.
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reversal arrived with the onset of higher volatility in late April. The Fund fell 10.9% on an NAV basis and 11.5% on a market price basis from the first half&#146;s small-cap high on April 29 through its subsequent low on June 13, while the small-cap index declined 10.1%. Needless to say, we were hoping for a better result on both an absolute and relative basis.
We were more discouraged by the portfolio&#146;s failure to hold its value during the downdraft than we were in its relatively lackluster showing in the rally that closed out the first half. For the second quarter as a whole, FUND&#146;s NAV return fell 4.4%, and its market price was off 5.6%, compared to a drop of 1.6% for the Russell 2000.</font></div></td>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This pattern mostly held in recent market cycle periods. Measuring from the small-cap peak on July 13, 2007 through the end of 2011&#146;s first half, FUND gained 3.2% on an NAV basis, while it fell 9.8% on a market price basis. The Russell 2000 was up 2.2% for the same period. From the small-cap bottom on March 9, 2009 through June 30, 2011, the Fund rose 147.1% on an NAV basis and 134.2% on a market price basis compared to a gain of 148.6% for the small-cap index. Finally, from the interim small-cap low on July 6, 2010 though the end of June 2011, FUND gained 40.0% on an NAV basis and 42.6% on a market price basis versus a 41.9% return for the benchmark.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a market price basis, the Fund outperformed the Russell 2000 for the one-year, 10-year and since inception of our management (11/1/96) periods ended June 30, 2011. The Fund outpaced its benchmark on an NAV basis for the five-year, 10-year and since inception periods ended June 30, 2011. <b>The Fund&#146;s NAV average annual total return since the inception of our management was 11.4%.</b></font></div></td>
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<td colspan="4" nowrap="nowrap" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Contributors to Performance<br>&nbsp;&nbsp;&nbsp;Year-to-Date through 6/30/11<sup><a href="#p16-3"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
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<td nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Varian Semiconductor Equipment Associates</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">1.79</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Timberland Company (The) Cl. A</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.82</font></td>
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<td align="left" valign="bottom" width="40%"><font size="2" face="Arial">Allied Nevada Gold</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom" width="6%"><font size="2" face="Arial">0.80</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.64</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.63</font></td>
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<td colspan="4" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p16-3"></a>1</sup> Includes dividends</font></td>
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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Materials sector detracted most from first-half results, and within the sector the most substantial losses by far came from holdings in the metals &amp; mining industry. Many of these stocks did very well in 2010, including the Fund&#146;s largest detractor in 2011&#146;s first half, Pan American Silver, a Canadian company with operating mines in Mexico, Argentina, Bolivia and Peru. Its stock was punished by both the sharp reversal in silver prices and the negative effect of the president-elect of Peru campaigning on threats to nationalize or highly tax the country&#146;s</font></div></td>
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<font size="2" color="#004a8d" face="Arial"><b>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br><b>
All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund&#146;s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund normally invests primarily in small-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. Regarding the two &#147;Good Ideas&#148; tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund&#146;s year-to-date performance for 2011.</b></font></div></td>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">16</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font></td>
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<td colspan="7" valign="top"><div align="right"><font size="5" color="#004a8d" face="Times New Roman">Performance and Portfolio Review</font></div>
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<td colspan="7" valign="top"><div align="justify"><font size="2" face="Times New Roman">mining industries, a position he considerably moderated once he was elected. We thought that the company was eminently capable of effectively managing its comparatively low Peruvian exposure and thus bought more shares in April. While the Arab Spring was a momentous event, unrest in Egypt had little effect on the gold mining business of Centamin Egypt. Its name alone, however, appeared to be enough to drive investors away. Seeing that operations at its primary mine in Egypt were continuing largely unaffected by political events, we added to our position in March.
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also in the Materials sector, Allied Nevada Gold reflected the volatility of both the stock market and precious metals prices, though it ended the first half as the Fund&#146;s third-largest positive contributor. A stock that we have held since 2007, we were drawn to its pristine balance sheet and skill at moving from exploration to production in several gold mines. We rebuilt our position in FUND&#146;s portfolio during 2010&#146;s fourth quarter. The first half&#146;s top performer came from the IT sector, Varian Semiconductor Equipment Associates. We were impressed by its strong balance sheet and impressive market leadership in the semiconductor capital equipment business. Like many small-cap businesses of late, it was subject to M&amp;A (mergers &amp; acquisitions) activity&#151;its acquisition at a substantial premium was announced in May, when we sold our shares as its price rose.</font></div></td>
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<td rowspan="15" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June, the acquisition of The Timberland Company by a large apparel company was announced. We had long loved the strong brand and balance sheet of the New Hampshire-based footwear and apparel business. The stock traded very cheaply over the last few years as a result of reduced consumer demand, some earnings disappointments, rising leather costs and import tax issues that hampered its business in Europe, so we were very pleased to see it acquired at a sizable premium, which prompted us to begin selling our position in earnest in June. Unit Corporation, which we have owned in the portfolio since 2006, is a hybrid company in the oil and natural gas industry that offers services to other exploration and production firms and that conducts its own activities in those areas. Its share price was quite volatile in the first half, but ended June on a high note. We took some gains during the first
half.</font></div></td>
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<td colspan="5" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS AT THE TIME</b></font></td>
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<td colspan="5" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Detractors from Performance<br>&nbsp;&nbsp;&nbsp;Year-to-Date through 6/30/11<sup><a href="#p17-4"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Pan American Silver</font></td>
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<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.66</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Centamin Egypt</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">-0.46</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Patriot Transportation Holding</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">-0.44</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Teradyne</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.37</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Schnitzer Steel Industries Cl. A</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">-0.36</font></td>
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<td colspan="5" align="left" valign="bottom"><font size="1" face="Arial"><sup><a name="p17-4"></a>1</sup>&nbsp;Net of dividends</font></td>
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<td colspan="7" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><br><b>MARKET PRICE PERFORMANCE HISTORY SINCE INCEPTION (11/1/96)<sup><a href="#p17-3">3</a></sup></b> through 6/30/11</font></td>
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<td valign="top" width="2%"><font size="2" face="Arial"><sup>1</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the cumulative total return experience of a continuous common stockholder who reinvested all
distributions and fully participated in the primary subscription of the 2005 rights offering. </font></div></td>
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<td valign="top"><font size="2" face="Arial"><sup>2</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the actual market price of one share as it traded on Nasdaq. </font></div></td>
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<td valign="top"><font size="2" face="Arial"><sup><a name="#p17-3">3</a></sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Royce &amp; Associates assumed investment management responsibility for the Fund on 11/1/96. </font></div></td>
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</TABLE>


<br>


<table align="right" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="17" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Arial" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td rowspan="44" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="43" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>FUND INFORMATION AND</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Average Market Capitalization<sup><a href="#p17-1">1</a></sup></font></td>
<td colspan="3" nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">$4,107 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/E Ratio<sup><a href="#p17-2">2</a></sup></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">13.3x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/B Ratio</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">2.0x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">70.1%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Non-U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">31.1%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Fund Total Net Assets</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$202 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Net Leverage<sup><a href="#p17-3">3</a></sup></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">1%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Turnover Rate</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">22%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Number of Holdings</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">57</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Symbol</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">Market Price</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">FUND</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">NAV</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">XFUNX</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><div style="margin-left: 8px; text-indent: -8px;" align="justify"><font size="1" face="Arial"><sup><a name="p17-1"></a>1</sup>&nbsp;Geometrically calculated</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 8px; text-indent: -8px;" align="justify"><font size="1" face="Arial"><sup><a name="p17-2"></a>2</sup>&nbsp;The Fund&#146;s P/E ratio calculation excludes companies with zero or negative earnings (2% of portfolio holdings as of 6/30/11). </font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 8px; text-indent: -8px;" align="justify"><font size="1" face="Arial"><sup><a name="p17-3"></a>3</sup>&nbsp;Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders. </font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="2" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Publicly Traded Securities Outstanding<br>at 6/30/11 at NAV or Liquidation Value</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">20.1 million shares<br>
of Common Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$177 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">6.00% Cumulative<br>
Preferred Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$25 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>DOWN MARKET PERFORMANCE COMPARISON</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">All Down Periods of 7.5% or Greater<br>
Over the Last 7 Years, in Percentages(%)</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="top" style="border-bottom:solid black 1px"><img src="page17b.jpg" width="100%"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="17" valign="bottom" style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</TABLE>

</div>
<br>
<div style="clear: both;"></div><br>


<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="right" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">17</font></td>
</tr>
</TABLE>


<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->


<br style="page-break-before: always;" clear="all">






<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman"><a name="history"></a>History Since Inception</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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



<P style="margin-right:10%" align="justify"><FONT face=arial SIZE=2>The following table details
the share accumulations by an initial investor in the Funds who reinvested all
distributions and participated fully in primary subscriptions for each of the
rights offerings. Full participation in distribution reinvestments and rights
offerings can maximize the returns available to a long-term investor. This
table should be read in conjunction with the Performance and Portfolio Reviews
of the Funds.</FONT></P>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 <TD WIDTH="2%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 <TD WIDTH="10%" 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="11%" 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="9%" 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="9%" 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="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P> </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>History</B></FONT></P>
</TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
  </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Amount<BR>
 Invested</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Purchase <BR>
 Price<a href="#p18-rft-1"><SUP>1</SUP></a></B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Shares</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>NAV<BR>
 Value<a href="#p18-rft-2"><SUP>2</SUP></a></B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Market<BR>
 Value<a href="#p18-rft-2"><SUP>2</SUP></a></B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>Royce
 Value Trust</B></FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD width="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11/26/86</FONT></P> </TD>
 <TD width="2%" VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD width="29%" VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Initial Purchase</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,280</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10/15/87</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.30</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><font face=arial size=2>42</font></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/87</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.22</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.125</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,578</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,250</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/27/88</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.51</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.625</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>63</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,529</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,238</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9/22/89</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>405</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/29/89</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.52</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.125</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,942</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,866</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9/24/90</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>457</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.375</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>62</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/90</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.32</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,713</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,074</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9/23/91</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>638</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.375</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/91</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.61</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10.625</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>82</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,919</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,697</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9/25/92</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>825</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/92</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.90</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.500</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>114</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,999</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,874</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9/27/93</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,469</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>113</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/93</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $1.15</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>26,603</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,428</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10/28/94</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,103</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.250</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>98</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/19/94</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $1.05</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.375</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>191</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,939</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,905</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11/3/95</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,425</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.500</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>114</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/7/95</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $1.29</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.125</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>253</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,676</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,243</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/96</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $1.15</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.250</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>247</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,213</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,335</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1997</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.21</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15.374</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>230</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,556</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46,814</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1998</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.54</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.311</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>347</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>54,313</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,506</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1999</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.37</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.616</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>391</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,653</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,239</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.48</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.972</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>424</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>70,711</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>61,648</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2001</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.49</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15.072</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>437</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>81,478</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,994</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2002</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.51</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.903</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>494</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68,770</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68,927</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1/28/03</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,600</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10.770</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>520</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2003</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.30</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.582</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>516</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>106,216</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>107,339</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2004</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.55</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17.604</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>568</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>128,955</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,094</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2005</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.61</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18.739</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>604</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,808</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>148,773</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2006</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.78</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19.696</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>693</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>167,063</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>179,945</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2007</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.85</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19.687</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>787</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>175,469</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,158</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2008</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.72</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.307</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,294</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,415</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>85,435</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3/11/09</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.32<SUP><a href="#p18-rft-3">3</a></SUP></FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.071</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>537</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>137,966</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>115,669</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/2/10</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.03</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.850</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>179,730</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>156,203</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2011</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Year-to-date distribution
 total $0.37</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.492</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>276</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD colspan="19" VALIGN=TOP color="#004a8d"  STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp; </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>6/30/11</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>$</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>21,922</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>11,019</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>$</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>189,417</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>$</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>164,403</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD colspan="19" VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp; </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><a name="p18-rft-1"></a><SUP>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>The purchase price used for
 annual distribution totals is a weighted average of the distribution
 reinvestment prices for the year. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><a name="p18-rft-2"></a><SUP>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Other than for initial
 purchase, values are stated as of December 31 of the year indicated, after
 reinvestment of distributions. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><a name="p18-rft-3"></a><SUP>3</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Includes a return of
 capital.</FONT></P>
 </TD>
 </TR>
</TABLE>





<P><FONT color="#004a8d" face=arial SIZE=1>18<font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011
Semiannual Report to Stockholders</FONT></P>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
<tr>
<td>
  <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The
 following table details the share accumulations by an initial investor in the
 Funds who reinvested all distributions and participated fully in primary
 subscriptions for each of the rights offerings. Full participation in
 distribution reinvestments and rights offerings can maximize the returns
 available to a long-term investor. This table should be read in conjunction
 with the Performance and Portfolio Reviews of the Funds.</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" 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="9%" 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="9%" 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="9%" 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 bgcolor="#dbe1ef">
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>History</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Amount <BR>
 Invested</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Purchase <BR>
 Price<a href="#p19-rft-1"><SUP>1</SUP></a></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Shares</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>NAV <BR>
 Value<a href="#p19-rft-2"><SUP>2</SUP></a></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT color="#004a8d" face=arial SIZE=2><B>Market <BR>
 Value<a href="#p19-rft-2"><SUP>2</SUP></a></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>Royce
 Micro-Cap Trust</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/14/93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Initial Purchase</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10/28/94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/19/94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.05</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,163</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,462</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/7/95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.36</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,136</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.80</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,132</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/5/97</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $1.00</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,694</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,593</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/7/98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.29</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,129</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/99</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.27</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.781</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18,051</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,769</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $1.72</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.469</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,016</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,026</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.57</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>114</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,701</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,924</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $0.80</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.518</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,297</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,142</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $0.92</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10.004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>33,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,311</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.33</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>257</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>39,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,788</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.85</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.848</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>383</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,969</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.55</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.246</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>354</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,385</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,647</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.35</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.584</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>357</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,709</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,802</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.19</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,205</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,807</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3/11/09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.22<a href="#p19-rft-3"><SUP>3</SUP></a></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4.260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>228</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/2/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Distribution $0.08</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>53,094</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,884</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Year-to-date distribution
 total $0.25</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.424</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP colspan="19" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>

 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>6/30/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>8,900</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>4,807</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>54,725</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>47,397</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD colspan="19" VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>

 </TR>

 <TR>
 <TD COLSPAN=3 VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>Royce Focus Trust</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10/31/96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Initial Purchase</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4.375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,594</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/5/97</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.53</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5.250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>101</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,574</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/31/98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,367</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/99</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.145</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4.750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,742</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,356</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.34</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5.563</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>69</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,151</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,848</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.14</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,969</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,193</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/6/02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.09</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5.640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,956</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12/8/03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.62</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,406</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.74</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.325</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>259</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,639</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,794</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5/6/05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Rights offering</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,669</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.21</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,709</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $1.57</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>357</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,668</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $2.01</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.159</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>573</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,679</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,834</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Annual distribution total
 $0.47</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.535</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>228</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,856</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,323</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3/11/09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Distribution $0.09<a href="#p19-rft-3"><SUP>3</SUP></a> </FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Year-to-date distribution
 total $0.19</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.491</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>87</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP colspan="19" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>

 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>6/30/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><b>$</b></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>7,044</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>3,496</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><b>$</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>30,835</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><b>$</b></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=2><B>27,234</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP colspan="19" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="p19-rft-1"></a>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>The purchase price used for
 annual distribution totals is a weighted average of the distribution
 reinvestment prices for the year. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="p19-rft-2"></a>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Other than for initial
 purchase, values are stated as of December 31 of the year indicated, after
 reinvestment of distributions. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="p19-rft-3"></a>3</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Includes a return of
 capital.</FONT></P>
 </TD>
 </TR>
</TABLE>


<P style="margin-right:10%" ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1>The Royce Funds 2011 Semiannual Report to Stockholders<font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">19</FONT></P>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman"><a name="distribution"></a>Distribution
 Reinvestment and Cash Purchase Options</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX ">&nbsp;

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


<br>


<div style="width:90%">

<div style="position:relative; float:left; width:47%">

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>Have the Funds resumed their managed distribution policies
for common stockholders?</B></FONT><br>
<FONT face=arial SIZE=2>The
Funds resumed their quarterly distribution policy for Common Stockholders in
March 2011, at the annual rate of 5%.</FONT></p>

<p ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>Why should I reinvest my distributions?</B></FONT><br><FONT face=arial SIZE=2>By
reinvesting distributions, a stockholder can maintain an undiluted investment
in the Fund. The regular reinvestment of distributions has a significant impact
on stockholder returns. In contrast, the stockholder who takes distributions in
cash is penalized when shares are issued below net asset value to other
stockholders.</FONT></p>

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>How does the reinvestment of distributions from the Royce
closed-end funds work?</B></FONT><br>
<FONT face=arial SIZE=2>The
Funds automatically issue shares in payment of distributions unless you
indicate otherwise. The shares are generally issued at the lower of the market
price or net asset value on the valuation date.</FONT></P>

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>How does this apply to registered stockholders?</B></FONT><br>
<FONT face=arial SIZE=2>If
your shares are registered directly with a Fund, your distributions are
automatically reinvested unless you have otherwise instructed the Funds&#146;
transfer agent, Computershare, in writing. A registered stockholder also has
the option to receive the distribution in the form of a stock certificate or in
cash if Computershare is properly notified.</FONT></P>

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>What if my shares are held by a brokerage firm or a bank?</B></FONT><br>
<FONT face=arial SIZE=2>If
your shares are held by a brokerage firm, bank, or other intermediary as the
stockholder of record, you should contact your brokerage firm or bank to be
certain that it is automatically reinvesting distributions on your behalf. If
they are unable to reinvest distributions on your behalf, you should have your
shares registered in your name in order to participate.</FONT></P>
</div>

<div style="position:relative; float:right; width:47%">

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>What other features are available for registered
stockholders?</B></FONT><br>
<FONT face=arial SIZE=2>The
Distribution Reinvestment and Cash Purchase Plans also allow registered
stockholders to make optional cash purchases of shares of a Fund&#146;s common stock
directly through Computershare on a monthly basis, and to deposit certificates
representing your Fund shares with Computershare for safekeeping. The Funds&#146;
investment adviser is absorbing all commissions on optional cash purchases
under the Plans through December 31, 2011.</FONT></P>

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>How do the Plans work for registered stockholders?</B></FONT><br>
<FONT face=arial SIZE=2>Computershare
maintains the accounts for registered stockholders in the Plans and sends
written confirmation of all transactions in the account. Shares in the account
of each participant will be held by Computershare in non-certificated form in
the name of the participant, and each participant will be able to vote those
shares at a stockholder meeting or by proxy. A participant may also send other
stock certificates held by them to Computershare to be held in non-certificated
form. There is no service fee charged to participants for reinvesting
distributions. If a participant elects to sell shares from a Plan account,
Computershare will deduct a $2.50 fee plus brokerage commissions from the sale
transaction. If a nominee is the registered owner of your shares, the nominee
will maintain the accounts on your behalf.</FONT></P>

<P ALIGN=JUSTIFY><FONT color="#004a8d" face=arial SIZE=2><B>How can I get more information on the Plans?</B></FONT><br>
<FONT face=arial SIZE=2>You
can call an Investor Services Representative at (800) 221-4268 or you can
request a copy of the Plan for your Fund from Computershare. All correspondence
(including notifications) should be directed to: [Name of Fund] Distribution
Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43010,
Providence, RI 02940-3010, telephone (800)
426-5523.</FONT></P>
</div>
</div>
<br clear="all">
<br>

<P><FONT color="#004a8d"  face=arial SIZE=1>20<font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Semiannual Report to Stockholders</FONT></P>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width=355 valign=TOP><p>&nbsp;</p></td>
    <td width=366 valign=TOP><p>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=TOP><p><FONT color="#004a8d" SIZE=5 face="Times New Roman"><a name="rvt-poi"></a>Royce Value
      Trust</font></p></td>
    <td valign=bottom><p align=RIGHT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June
      30, 2011 (unaudited)</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td valign=TOP style="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
    <td valign=TOP style="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td colspan=2 valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td colspan=2 valign=TOP><p><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule
      of Investments</b></font></p></td>
  </tr>
</TABLE>


<br>

<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=480 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH=22 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=7 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=87 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=22 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=7 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=87 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=11 VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=center><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=center><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>COMMON STOCKS &#150; 109.2%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Consumer Discretionary &#150; 11.7%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Auto Components - 0.6%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Autoliv</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,161,060</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China XD Plastics <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>69,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>292,595</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gentex Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,511,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hirotako Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>286,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>187,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Minth Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,136,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,843,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Norstar Founders Group <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>524,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SORL Auto Parts <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>81,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>367,164</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Superior Industries International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>884,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Williams Controls</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,499</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>431,239</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,703,732</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Automobiles - 0.3%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Thor Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,442,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Winnebago Industries <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>222,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,149,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,591,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Distributors - 0.7%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>LKQ Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>230,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,000,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Weyco Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>97,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,410,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,411,303</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Diversified Consumer Services - 1.7%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Anhanguera Educacional Participacoes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,702,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Benesse Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,377,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ChinaCast Education <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>181,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>939,652</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Corinthian Colleges <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>59,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>253,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ITT Educational Services <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>704,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MegaStudy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,257,305</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Regis Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>233,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,581,816</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sotheby's</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>157,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,851,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Universal Technical Institute</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>861,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,529,630</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Hotels, Restaurants &amp; Leisure - 0.3%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Abu Dhabi National Hotels <SUP><a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>88,837</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ajisen China Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>625,233</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Benihana <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34,386</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CEC Entertainment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>64,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,571,051</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fairwood Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kangwon Land</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>201,168</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>REXLot Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,176,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>403,948</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,976,999</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Household Durables - 1.9%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Allan International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>138,532</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="2" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Desarrolladora Homex ADR <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>355,743</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ekornes</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>55,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,243,751</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ethan Allen Interiors</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>345,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,362,082</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hanssem</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>617,943</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Harman International Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,045,831</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hunter Douglas</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>489,577</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mohawk Industries <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>128,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,690,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NVR <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>362,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Universal Electronics <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>252,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Woongjin Coway</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>59,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,118,675</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,678,192</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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






<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=480 VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH=22 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=7 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=87 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH=22 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=7 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=87 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH=11 VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Consumer Discretionary (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Internet &amp; Catalog Retail - 0.4%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Manutan International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,121,783</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Takkt</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,101,807</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,223,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Leisure Equipment &amp; Products - 0.5%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Beneteau</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,076,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sturm, Ruger &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>220,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,842,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,918,952</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Media - 0.8%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Global Sources <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,621</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>253,837</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lamar Advertising Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,395,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Morningstar</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>109,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,673,644</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pico Far East Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,785,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,404,232</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,727,583</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Multiline Retail - 0.1%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>New World Department Store China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,559,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,231,332</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Specialty Retail - 1.7%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aeropostale <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>852,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ascena Retail Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,324,934</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CarMax <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,355,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Charming Shoppes <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>475,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,979,744</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dickson Concepts (International)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>711,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>557,025</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dover Saddlery <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,821</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>83,224</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GameStop Corporation Cl. A <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>650,748</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Genesco <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>422,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hengdeli Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>485,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>258,693</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Jos. A. Bank Clothiers <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,550,310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lewis Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,503,186</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Luk Fook Holdings (International)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>463,719</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Stein Mart</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>167,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,617,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Systemax <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>224,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,346,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>West Marine <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>131,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,359,507</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,325,372</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>


 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Textiles, Apparel &amp; Luxury Goods - 2.7%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Anta Sports Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>323,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>579,207</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Burberry Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,162,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Carter's <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>236,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,259,360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP>China
 Xiniya Fashion ADR <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>133,444</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Columbia Sportswear</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,122</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,212,335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Daphne International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,115,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,889,803</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Grendene</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,441,707</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>J.G. Boswell Company <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,292</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,719,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>K-Swiss Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>163,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,739,068</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lazare Kaplan International <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,437</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>129,794</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pacific Textiles Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,420,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,616,881</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Stella International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>806,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,046,133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Texwinca Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>401,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>477,006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unifi <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>556,596</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Van De Velde</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>852,341</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Warnaco Group (The) <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,824,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Wolverine World Wide</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,814,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total</B></FONT><FONT face=arial SIZE=2> (Cost $101,361,451)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>135,132,910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 0PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 0PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

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


</div>
<br clear="all">

<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=501 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=220 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>21</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=721 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule
 of Investments</b></FONT></P>
 </TD>
 </TR>
</TABLE>



<br>

<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Consumer Staples &#150; 2.2%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Beverages - 0.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP> Heckmann
 Corporation <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>302,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MGP Ingredients</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>127,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,109,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,411,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Food &amp; Staples Retailing - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FamilyMart</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,627,815</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Food Products - 1.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Alico</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>691,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Asian Citrus Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>587,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>537,024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Binggrae</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,415</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,297,025</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BW Plantation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>875,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>121,507</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cal-Maine Foods</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,594,804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China Green (Holdings)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,272,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,466,724</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>First Resources</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,506,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,705,134</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Grupo Herdez</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>644,916</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hershey Creamery <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>709</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,240,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Origin Agritech <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>76,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>305,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Seneca Foods Cl. A <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>110,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,813,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Seneca Foods Cl. B <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,251</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>330,745</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Super Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>735,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>857,032</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tootsie Roll Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>198,566</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,810,041</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Westway Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>152,775</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,569,681</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $22,330,427)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,609,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Diversified Investment Companies &#150; 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Closed-End Funds - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Central Fund of Canada Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>237,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,827,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $2,076,233)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,827,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Energy &#150; 6.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Energy Equipment &amp; Services - 5.9%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Atwood Oceanics <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>675,189</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cal Dive International <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>456,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,728,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Calfrac Well Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,482,347</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CARBO Ceramics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,283,865</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ensco ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,004,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ensign Energy Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>225,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,462,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Exterran Holdings <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>103,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,054,388</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Helmerich &amp; Payne</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,671,508</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ION Geophysical <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>361,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,419,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lufkin Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>62,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,335,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Oil States International <SUP><a href="#rft-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>158,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,665,735</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pason Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>101,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,534,732</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SEACOR Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,375,049</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ShawCor Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>104,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,209,384</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SinoTech Energy ADR <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>119,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>492,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>TETRA Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>865,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>TGS-NOPEC Geophysical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,243,683</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tidewater</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,937,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Trican Well Service</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>99,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,347,176</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unit Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,619,990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Willbros Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>103,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>886,452</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,294,859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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






<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Energy (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Oil, Gas &amp; Consumable Fuels - 0.8%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bill Barrett <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,317,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cimarex Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,496,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP>Continental
 Resources <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>298,586</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>HRT Participacoes em Petroleo <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>179,412</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Resolute Energy <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>141,134</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,280,726</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,572,224</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $36,445,183)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>76,867,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Financials &#150; 19.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Capital Markets - 10.3%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>A.F.P. Provida ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,579,045</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ABG Sundal Collier Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>115,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,589</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Affiliated Managers Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,829,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AllianceBernstein Holding L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>344,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,699,024</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AP Alternative Assets L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>233,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,869,215</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Artio Global Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>235,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,655,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ashmore Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>777,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,969,343</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Azimut Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,183</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>673,152</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Banca Generali</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>86,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,191,832</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bank Sarasin &amp; Co. Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>33,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,311,599</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Banque Privee Edmond de Rothschild</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>649,717</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BKF Capital Group <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BT Investment Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>207,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>555,194</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Close Brothers Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>532,804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Coronation Fund Managers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>526,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,502,209</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cowen Group Cl. A <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>708,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,664,336</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Daewoo Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>84,155</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Eaton Vance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>85,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,578,619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Egyptian Financial Group-Hermes Holding <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>774,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,607,791</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Epoch Holding Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>446,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Equity Trustees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,709</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>547,169</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>F&amp;C Asset Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,189</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FBR &amp; Company <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>249,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>848,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Federated Investors Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>307,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,335,568</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fiducian Portfolio Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>227,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>324,516</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GAMCO Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,575</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,192,717</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GFI Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>166,247</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>763,074</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GIMV</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,432,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gleacher &amp; Company <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>293,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>597,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GP Investments BDR <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>HQ <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,638</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investec</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>955,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IOOF Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>123,592</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>878,614</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>KKR &amp; Co. L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>415,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,772,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lazard Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>109,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,055,030</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MF Global Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>749,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,797,260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mizuho Securities <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>492,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,186,316</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MVC Capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>214,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,833,866</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Oppenheimer Holdings Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,115,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Paris Orleans et Cie</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>183,785</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,199,691</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Partners Group Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,999,965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Perpetual</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,541</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>362,222</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Phatra Capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>775,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>732,084</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=217 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=505 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d"  face=arial SIZE=1>22 <FONT color="#004a8d" face=arial SIZE=1>| </FONT><FONT  color="#004a8d" face=arial SIZE=1>2011 Semiannual
 Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=721 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=5 face="Times New Roman">&nbsp;</FONT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=4>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<br>


<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Financials (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8"  VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Capital Markets (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Platinum Asset Management</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>149,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>658,660</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Rathbone Brothers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>642,597</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Reinet Investments <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>133,127</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,414,411</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Schroders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,020,497</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>SEI Investments</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>352,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,943,779</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SHUAA Capital <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>485,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SPARX Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>131,957</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sprott</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>269,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,065,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Teton Advisors Cl. A <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>723</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Treasury Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>219,162</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Trust Company (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>97,283</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>576,035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>UOB-Kay Hian Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>190,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>250,777</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Value Partners Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,407,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,366,914</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Vontobel Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>691,314</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>VZ Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,434,321</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Waddell &amp; Reed Financial Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,063,555</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Westwood Holdings Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,460</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>893,826</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Woori Investment &amp; Securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>177,954</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,486,212</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Commercial Banks - 1.4%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ameriana Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bank of N.T. Butterfield &amp; Son <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>942,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,319,505</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BCB Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>598,676</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>518,857</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Center Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,868</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>468,422</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CNB Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>154,401</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Commercial National Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>54,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,056,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Farmers &amp; Merchants Bank of Long</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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 face=arial SIZE=2>Beach</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,088,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fauquier Bankshares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,960,152</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hawthorn Bancshares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,944</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>382,570</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>M&amp;T Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,027</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,761,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mauritius Commercial Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>266,195</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mechanics Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,320,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Old Point Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>293,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Peapack-Gladstone Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>123,690</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sumitomo Mitsui Trust Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>411,658</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,324,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Consumer Finance - 0.3%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>World Acceptance <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,753,940</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Diversified Financial Services - 1.0%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Banca Finnat Euramerica</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>870,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>549,165</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hellenic Exchanges</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>169,613</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,209,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Interactive Brokers Group Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,565,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>KKR Financial Holdings LLC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>381,404</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,741,573</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PICO Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>106,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,076,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>RHJ International <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>102,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>738,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>State Bank of Mauritius</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>156,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,037,694</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Insurance - 5.1%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Alleghany Corporation <SUP><a href="#rft-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>29,230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,736,805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Argo Group International Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>64,751</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,924,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aspen Insurance Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,209,310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Brown &amp; Brown</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,700,566</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Crawford &amp; Company Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,201</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>





<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>Financials (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2>Insurance (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Discovery Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>255,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,454,869</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>eHealth <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>427,520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>E-L Financial</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,166,313</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Enstar Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,112,474</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Erie Indemnity Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,536,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>First American Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>688,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gallagher (Arthur J.) &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>111,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,173,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hilltop Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>290,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,567,136</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Independence Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>317,658</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,316,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Markel Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,666,602</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Montpelier Re Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>576,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Platinum Underwriters Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>94,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,124,560</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ProAssurance Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,540,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>RLI</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,724</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,998,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Validus Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>504,485</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>White Mountains Insurance Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>441,168</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,873,437</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Real Estate Management &amp; Development - 1.1%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Altisource Portfolio Solutions <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,516,123</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Consolidated-Tomoka Land</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,564</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>387,930</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>E-House China Holdings ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>346,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,395,241</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Forestar Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>108,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,774,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IFM Investments ADR <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,452</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>132,965</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kennedy-Wilson Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,837,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Midland Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>927,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>543,489</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Soho China</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>673,666</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tejon Ranch <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,996</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,761,964</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,023,318</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Thrifts &amp; Mortgage Finance - 0.6%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CFS Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>402,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>HopFed Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>106,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>843,127</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kearny Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>70,862</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>645,553</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MyState</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>152,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>572,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ocwen Financial <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>123,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,577,136</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Timberland Bancorp <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-5">5</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>469,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,772,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,814,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $225,543,590)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>227,313,604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Health Care &#150; 7.8%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Biotechnology - 0.2%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pharmacyclics <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>158,746</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,657,308</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sunesis Pharmaceuticals <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,671</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>3SBio ADR <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>392,175</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,123,154</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Health Care Equipment &amp; Supplies - 2.1%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Allied Healthcare Products <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>180,512</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>714,827</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Analogic Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,135</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,110,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Atrion Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,115,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>bioMerieux</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,021,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Carl Zeiss Meditec</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>163,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,646,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cochlear</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>578,932</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CONMED Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>81,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,321,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>DiaSorin</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>960,038</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=500 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=221 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>23</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3>
<P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=327 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Health Care (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Health Care Equipment &amp; Supplies (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>DynaVox Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>55,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>418,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IDEXX Laboratories <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,201</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,117,990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kinetic Concepts <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>363,069</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kossan Rubber Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>207,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Nihon Kohden</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,068,052</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Straumann Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,568,838</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Top Glove</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>260,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>452,165</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Urologix <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>445,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>423,225</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Young Innovations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>62,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,783,926</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Zoll Medical <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,894,302</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Health Care Providers &amp; Services - 0.6%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cross Country Healthcare <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>228,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Landauer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,650,045</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MWI Veterinary Supply <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>807,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>VCA Antech <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>74,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,579,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,265,145</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Life Sciences Tools &amp; Services - 3.1%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Affymetrix <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>79,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Albany Molecular Research <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>85,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>408,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>EPS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>683</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,608,101</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Furiex Pharmaceuticals <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>148,244</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ICON ADR <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>262,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,180,966</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Luminex Corporation <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>418,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mettler-Toledo International <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>33,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,650,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PAREXEL International <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>312,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,360,144</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PerkinElmer</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>185,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,999,878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pharmaceutical Product Development</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,684,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Techne Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>71,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,919,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,457,198</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Pharmaceuticals - 1.8%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Adcock Ingram Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>180,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,581,545</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Almirall</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,074,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Boiron</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,234,717</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bukwang Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>55,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>613,422</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China Animal Healthcare</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,140,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>481,473</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Daewoong Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>613,747</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Endo Pharmaceuticals Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>144,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,800,548</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Green Cross</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>680,283</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hikma Pharmaceuticals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>731,883</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kalbe Farma</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>196,924</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Questcor Pharmaceuticals <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,236,330</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Recordati</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>190,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,089,946</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Santen Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,317,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Virbac</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,538,098</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,190,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $55,643,169)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>89,930,498</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Industrials &#150; 26.3%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Aerospace &amp; Defense - 1.6%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AerCap Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>585,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ducommun</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>117,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,410,804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>HEICO Corporation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>168,281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,211,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>







<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2><B>Industrials (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P><FONT color="#004a8d" face=arial SIZE=2>Aerospace &amp; Defense (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>HEICO Corporation Cl. A</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,056,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hexcel Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,039,775</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Moog Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,088,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Teledyne Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,630</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,592,887</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,984,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Air Freight &amp; Logistics - 1.8%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>C. H. Robinson Worldwide</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,942,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Forward Air</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>209,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,087,453</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hub Group Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>164,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,191,304</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>UTi Worldwide</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,445,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,666,507</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Airlines - 0.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:15.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP>Spirit
 Airlines <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>134,288</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Building Products - 1.2%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>American Woodmark</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>123,335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,136,162</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Burnham Holdings Cl. B <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>513,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NCI Building Systems <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Simpson Manufacturing</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>258,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,718,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sung Kwang Bend</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,595,768</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>USG Corporation <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>717,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,712,002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Commercial Services &amp; Supplies - 2.8%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Brink's Company (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>206,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,154,526</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cintas Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>79,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,619,279</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CompX International Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>185,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,442,254</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Copart <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>110,386</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,143,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kimball International Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>286,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,840,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Moshi Moshi Hotline</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,922,877</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Ritchie Bros. Auctioneers</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>337,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,283,373</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Societe BIC</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>869,775</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>US Ecology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>101,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,727,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,003,308</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Construction &amp; Engineering - 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>EMCOR Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>199,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,844,414</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Integrated Electrical Services <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>355,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,115,956</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Jacobs Engineering Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>81,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,520,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>KBR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,595,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Raubex Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>525,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,252,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18,328,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Electrical Equipment - 4.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AZZ</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,633,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Belden</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,014,908</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Brady Corporation Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>94,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,032,876</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Franklin Electric</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>104,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,910,970</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fushi Copperweld <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>244,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,400,670</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>GrafTech International <SUP><a href="#rft-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>388,190</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,868,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Jinpan International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>169,684</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,897,067</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Powell Industries <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>92,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,372,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preformed Line Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>91,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,520,088</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Regal-Beloit</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>121,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,079,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Woodward</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>231,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,073,576</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,804,036</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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


</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=222 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=499 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1>24 <FONT face=arial SIZE=1>| </FONT><FONT color="#004a8d" face=arial SIZE=1>2011 Semiannual
 Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=721 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=5 face="Times New Roman">&nbsp;</FONT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=4>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<br>


<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Industrials (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Industrial Conglomerates - 0.5%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Raven Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>96,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,359,302</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Machinery - 8.2%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Armstrong Industrial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,533,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>715,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Burckhardt Compression Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,661,747</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China Automation Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>494,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>347,434</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CLARCOR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>92,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,373,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Columbus McKinnon <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>101,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,822,940</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Decker Manufacturing <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,022</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>206,253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Donaldson Company</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>92,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,631,104</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FAG Bearings India</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>746,140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gardner Denver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,176,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Graco</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>116,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,895,608</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hardinge</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>26,193</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>285,766</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IDEX Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,090,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Industrea</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>437,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>633,734</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kennametal</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>155,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,542,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lincoln Electric Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>188,360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,752,706</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mueller Water Products Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>288,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NN <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>197,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,948,616</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Nordson Corporation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>204,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,200,370</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pfeiffer Vacuum Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,047,015</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PMFG <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>314,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,250,765</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Rational</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,581,296</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>RBC Bearings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,774,720</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Rotork</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>676,523</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Semperit AG Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,992,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Spirax-Sarco Engineering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,284,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Valmont Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,578,525</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>WABCO Holdings <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>103,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,168,428</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Wabtec Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>112,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,414,859</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>94,088,779</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Marine - 0.5%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kirby Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>111,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,290,370</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Professional Services - 2.0%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Advisory Board (The) <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>128,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,437,580</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CRA International <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,187</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,549,196</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FTI Consulting <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>297,829</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>JobStreet Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,518</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ManpowerGroup</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>78,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,216,890</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Michael Page International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,073,367</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>On Assignment <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>375,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,690,182</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Robert Half International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,773,388</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SFN Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>162,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,479,852</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,566,802</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Road &amp; Rail - 1.2%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Frozen Food Express Industries <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>286,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,023,287</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Landstar System</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>129,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,037,752</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Patriot Transportation Holding <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>212,958</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,763,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Universal Truckload Services <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>129,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,217,924</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,042,833</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Trading Companies &amp; Distributors - 0.6%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lawson Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>161,431</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,175,348</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>







<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Industrials (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Trading Companies &amp; Distributors<br> (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MSC Industrial Direct Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,448</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,875,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,051,035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="2" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $176,001,478)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>303,032,907</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Information Technology &#150; 20.3%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Communications Equipment - 2.0%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AAC Acoustic Technologies Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>224,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>529,806</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ADTRAN</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,516,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Arris Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>140,350</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,629,464</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bel Fuse Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,672</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>850,790</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Black Box</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,369,563</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cogo Group <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>173,615</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>927,104</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Comba Telecom Systems Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>487,928</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>515,138</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Comtech Telecommunications</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>841,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Emulex Corporation <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>415,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,569,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>EVS Broadcast Equipment</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,861,537</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Globecomm Systems <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>233,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,636,372</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sonus Networks <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>704,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,280,960</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sycamore Networks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,069,744</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>VTech Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>585,388</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Zhone Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>324,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>767,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,950,096</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Computers &amp; Peripherals - 1.0%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ADPT Corporation <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,568,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,706,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Avid Technology <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>66,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,243,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China Digital TV Holding Co. ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Diebold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>151,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,701,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Electronics for Imaging <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,517</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>146,663</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Intermec <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>253,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Intevac <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>586,564</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SMART Technologies Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>427,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,091,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Electronic Equipment, Instruments &amp; Components - 8.7%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Agilysys <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,377,142</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Anixter International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>61,795</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,037,685</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Benchmark Electronics <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,725,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China 3C Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>792</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China High Precision Automation Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,685,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,321,788</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Chroma Ate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,406</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>444,143</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><b>Cognex Corporation</b></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>236,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,368,566</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><b>Coherent</b> <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>235,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,016,085</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dolby Laboratories Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,303,522</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FLIR Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>105,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,539,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hana Microelectronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>685,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>520,362</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hollysys Automation Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,727</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>687,136</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Image Sensing Systems <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>93,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IPG Photonics <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>363,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kingboard Chemical Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>66,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>311,886</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mercury Computer Systems <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>756,540</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Molex</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,870,902</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>National Instruments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>251,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,477,427</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><b>Newport Corporation</b> <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>523,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,511,995</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Perceptron <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>357,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,274,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Plexus Corporation <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>195,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,812,317</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=500 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=221 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="right"><FONT color="#004a8d" face=arial SIZE=1>2011 Semiannual Report to
 Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>25</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<br>

<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=center><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Information Technology (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD  colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Electronic Equipment, Instruments &amp; Components (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pulse Electronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>286,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,265,004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Richardson Electronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>495,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,736,726</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Rofin-Sinar Technologies <SUP><a href="#rft-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>293,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,023,025</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tech Data <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>136,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,673,485</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>TTM Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>211,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,386,628</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Vaisala Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>176,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,701,478</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,602,409</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Internet Software &amp; Services - 0.5%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Monster Worldwide <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>539,488</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NetEase.com ADR <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>644,787</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Perficient <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>102,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>RealNetworks <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>245,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>834,360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sohu.com <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>758,835</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ValueClick <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>145,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,407,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,287,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>IT Services - 4.3%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP>Camelot
 Information Systems ADS <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>373,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Convergys Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>121,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,650,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CoreLogic <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>284,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,745,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Forrester Research</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,328,288</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gartner <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>121,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,875,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hackett Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>655,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,333,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ManTech International Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,572,468</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>MAXIMUS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>103,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,570,828</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MoneyGram International <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>646,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,147,708</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NeuStar Cl. A <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>119,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,117,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Sapient Corporation <SUP><a href="#rft-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>756,602</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,371,728</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SRA International Cl. A <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,074,732</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total System Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>171,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,186,470</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP> Unisys
 Corporation <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>303,260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Yucheng Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>175,646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>574,362</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,226,514</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Semiconductors &amp; Semiconductor Equipment - 2.1%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aixtron ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,160,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Analog Devices</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>626,397</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ASM Pacific Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,382,511</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BE Semiconductor Industries <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>493,580</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cymer <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>113,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,594,630</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Diodes <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>252,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,588,945</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Energy Conversion Devices <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>562,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>663,986</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Exar Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>157,576</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>997,456</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Himax Technologies ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>221,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>488,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>International Rectifier <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,356,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Power Integrations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,883,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Vimicro International ADR <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>240,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>568,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,804,035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Software - 1.7%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ACI Worldwide <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>181,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,117,435</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Advent Software <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,929,645</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ANSYS <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,226,452</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aspen Technology <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>723,278</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aveva Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>549,878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Blackbaud</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,890</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,161,191</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>JDA Software Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,541,411</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>







<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Information Technology (continued)</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Software (continued)</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>LiveWire Mobile <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>38,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>83,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Majesco Entertainment <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>109,490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net 1 UEPS Technologies <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>434,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SimCorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,578,198</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>THQ <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,526,978</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $173,472,382)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>233,488,205</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Materials &#150; 10.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Chemicals - 1.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Agrium</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>491,456</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cabot Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,312,460</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CF Industries Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>637,515</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fufeng Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,456,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,596,683</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hanfeng Evergreen <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hawkins</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>156,178</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,656,767</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Huchems Fine Chemical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,056</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>727,437</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Intrepid Potash <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>85,227</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,769,878</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>OM Group <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,657,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Victrex</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,083,359</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18,969,162</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Construction Materials - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Ash Grove Cement Cl. B <SUP><a href="#rft-poi-4">4</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,518</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,082,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mardin Cimento Sanayii</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>325,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,397,646</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,480,526</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Containers &amp; Packaging - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Broadway Industrial Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,558,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>526,517</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Greif Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>93,944</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,109,178</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mayr-Melnhof Karton</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,666,532</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,302,227</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Metals &amp; Mining - 6.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Allegheny Technologies</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>222,145</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aquarius Platinum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,786,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AuRico Gold <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>218,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,399,117</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Centamin Egypt <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>700,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,408,056</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Central Steel &amp; Wire <SUP><a href="#rft-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,849,370</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cliffs Natural Resources</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>29,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,727,275</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Commercial Metals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>525,210</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Endeavour Mining <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>718,544</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Endeavour Mining (Warrants) <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46,659</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Franco-Nevada Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>373,270</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fresnillo</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>105,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,366,636</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Haynes International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>897,985</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hecla Mining <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,307,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hidili Industry International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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 face=arial SIZE=2>Development</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,079</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hochschild Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>375,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,773,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IAMGOLD Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,793,831</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kimber Resources <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>560,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>924,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Maharashtra Seamless</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>265,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,233,034</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Major Drilling Group International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>384,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,998,139</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Medusa Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,258,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>New Gold <SUP><a href="#rft-poi-1">1</a>,<a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>135,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,389,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Northam Platinum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>345,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,171,259</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=226 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=495 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1>26 <FONT face=arial SIZE=1>| </FONT><FONT color="#004a8d" face=arial SIZE=1>2011 Semiannual
 Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=721 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=5 face="Times New Roman">&nbsp;</FONT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=4>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<br>


<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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="20%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=center><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Materials (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Metals &amp; Mining (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Northgate Minerals <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>416,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Nucor Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>156,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,432,381</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Orbit Garant Drilling <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>207,740</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pan American Silver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>308,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Reliance Steel &amp; Aluminum</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>176,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,784,078</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Royal Gold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,014,808</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Schnitzer Steel Industries Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,760,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sims Metal Management ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>295,475</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,611,070</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Synalloy Corporation <SUP><a href="#rft-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>198,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,697,716</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Worthington Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>185,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,273,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>76,727,711</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2>Paper &amp; Forest Products - 0.2%</FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT  face=arial SIZE=2>China Forestry Holdings <SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,563,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>675,509</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Duratex</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,354,307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:13.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rft-poi-dagger">&#134;</a></SUP>QX Paper <SUP><a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,296,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>436,265</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,466,081</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $78,517,605)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>116,945,707</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Miscellaneous<SUP><a href="#rft-poi-6">6</a></SUP> &#150; 3.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $43,668,565)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,182,885</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>TOTAL COMMON STOCKS</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $915,060,083)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,257,330,639</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>PREFERRED STOCKS &#150; 0.1%</B></FONT></P>
 </TD>

 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2> Bank of N.T. Butterfield &amp; Son 0.00% Conv.<SUP><a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>39,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,445</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.13PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Seneca Foods Conv.<SUP><a href="#rft-poi-2">2</a>,<a href="#rft-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>55,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,247,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>TOTAL PREFERRED STOCKS</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="4" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $844,625)</FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,289,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

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







<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="23%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="27%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>PRINCIPAL<BR>
 AMOUNT</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>CORPORATE BOND &#150; 0.0%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM nowrap>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GAMCO Investors (Debentures) 0.00%<BR>
due 12/31/15</FONT></P>
 </TD>

 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $289,840)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>289,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>193,578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>REPURCHASE AGREEMENT &#150; 10.3%</B></FONT></P>
 </TD>

 </TR>


 <TR>
 <TD colspan="4" VALIGN=BOTTOM nowrap>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fixed Income Clearing Corp.,<BR>
0.01% dated 6/30/11, due 7/1/11,<BR>
maturity value $118,464,033 (collateralized<BR>
by obligations of various U.S. Government<BR>
Agencies, 0.33%-1.00% due 7/1/11-7/16/12, valued<BR>
at $121,427,294) <BR>(Cost $118,464,000) </FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,464,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>COLLATERAL RECEIVED FOR SECURITIES</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>LOANED &#150; 1.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TD VALIGN=BOTTOM nowrap>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Money Market Funds<BR>
Federated Government Obligations Fund<BR>
(7 day yield-0.009864%)<BR>
(Cost $17,036,797)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,036,797</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>TOTAL INVESTMENTS &#150; 121.1%</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $1,051,695,345)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,394,314,354</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>LIABILITIES LESS CASH</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="4" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>AND OTHER ASSETS &#150; (2.0)%</B></FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(22,952,208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="4" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>PREFERRED STOCK &#150; (19.1)%</B></FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(220,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD colspan="8" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>NET ASSETS APPLICABLE TO COMMON</B></FONT></P>
 </TD>

 </TR>
 <TR>
 <TD colspan="4" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" face=arial SIZE=2><B>STOCKHOLDERS &#150; 100.0%</B></FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2><B>1,151,362,146</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 0PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 0PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

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


</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-dagger"></a>&#134;</SUP>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>New additions in 2011.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-1"></a>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>All
 or a portion of these securities were on loan at June 30, 2011. Total market
 value of loaned securities at June 30, 2011, was $16,556,866. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-2"></a>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Non-income producing. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-3"></a>3</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Securities
 for which market quotations are not readily available represent 0.3% of net
 assets. These securities have been valued at their fair value under
 procedures approved by the Fund'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. See Notes to Financial Statements.
 </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-4"></a>4</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>These
 securities are defined as Level 2 securities due to fair value being based on
 quoted prices for similar securities. See Notes to Financial Statements. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-5"></a>5</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>At
 June 30, 2011, the Fund owned 5% or more of the Company's outstanding voting
 securities thereby making the Company an Affiliated Company as that term is
 defined in the Investment Company Act of 1940. See Notes to Financial
 Statements. </FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rft-poi-6"></a>6</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Includes securities first acquired in 2011 and less than 1% of net assets applicable to Common Stockholders. </FONT></P>
 </TD>
 </TR>


 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>Bold indicates the Fund's 20 largest equity holdings in
 terms of June 30, 2011, market value.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>TAX INFORMATION: </B>The cost of total investments for Federal income tax purposes was
 $1,052,688,720. At June 30, 2011, net unrealized appreciation for all
 securities was $341,625,634, consisting of aggregate gross unrealized
 appreciation of $438,680,593 and aggregate gross unrealized depreciation of
 $97,054,959. The primary difference between book and tax basis cost is the
 timing of the recognition of losses on securities sold.</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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



<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  color="#004a8d" face=arial SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>27</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 <TD VALIGN=bottom nowrap>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June
 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Assets and Liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>ASSETS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Investments at value (including collateral on loaned
 securities)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Non-Affiliated Companies (cost $927,493,029)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,273,077,382</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Affiliated Companies (cost $5,738,316)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,772,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Total investments at value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,275,850,354</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Repurchase agreements (at cost and value)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,464,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Cash and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Receivable for investments sold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>891,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Receivable for dividends and interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>906,035</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Prepaid expenses and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>410,325</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,396,580,857</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>LIABILITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Payable for collateral on loaned securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,036,797</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Payable for investments purchased</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,670,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Payable for investment advisory fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>952,563</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Preferred dividends accrued but not yet declared</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>288,451</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Accrued expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>270,197</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,218,711</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>PREFERRED STOCK:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>5.90% Cumulative Preferred Stock - $0.001 par
 value, $25 liquidation value per share; 8,800,000 shares outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>220,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Preferred Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>220,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET ASSETS APPLICABLE TO COMMON
 STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,151,362,146</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>ANALYSIS OF NET ASSETS APPLICABLE
 TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Common Stock paid-in capital - $0.001 par value per
 share; 66,967,780 shares outstanding (150,000,000 shares authorized)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>797,746,402</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Undistributed net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,400,832</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Accumulated net realized gain (loss) on investments
 and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,902,431</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net unrealized appreciation (depreciation) on
 investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>342,625,152</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Unallocated and accrued distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(31,312,671</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net Assets applicable to Common Stockholders (net
 asset value per share - $17.19)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,151,362,146</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments at identified cost (including $17,036,797 of collateral on
 loaned securities)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>933,231,345</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Market value of loaned securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,556,866</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>28 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual
 Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width="50%" valign=TOP><p>&nbsp;</p></td>
    <td width="50%" valign=TOP><p align=RIGHT>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=TOP><p><font color="#004a8d" size=5 face="Times New Roman">Royce Value
      Trust</font></p></td>
    <td valign=TOP nowrap><p align=RIGHT><font color="#004a8d" size=4 face="Times New Roman">Six Months Ended June 30, 2011 (unaudited)</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=2 valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
    <tr>
    <td valign=TOP><p><font color="#004a8d" size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=RIGHT><font color="#004a8d" size=1>&nbsp;</font></p></td>
  </tr>
    <tr bgcolor="#dbe1ef">
    <td valign=TOP><p><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Operations</B></FONT></p></td>
    <td valign=TOP><p align=RIGHT><font color="#004a8d" size=1>&nbsp;</font></p></td>
  </tr>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>INVESTMENT INCOME:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Income:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dividends<SUP><a href="#rvt-p29">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,413,744</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>64,577</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Securities lending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>98,619</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Total income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,576,940</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Expenses:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investment advisory fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,906,512</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Custody and transfer agent fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>191,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Stockholder reports</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>184,290</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Administrative and office facilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>64,012</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Directors&#146; fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>61,661</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Professional fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,645</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>62,949</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Total expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,524,019</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Compensating balance credits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,524,014</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,052,926</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>REALIZED AND UNREALIZED GAIN
 (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net realized gain (loss):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,841,930</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Foreign currency transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(40,379</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net change in unrealized appreciation
 (depreciation):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments and foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,994,852</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other assets and liabilities denominated in foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,664</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net realized and unrealized gain (loss) on
 investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>61,811,067</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET
 ASSETS FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>63,863,993</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;


 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS TO PREFERRED
 STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(6,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;


 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<BR>
FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,373,993</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<P ALIGN=JUSTIFY><FONT face=arial SIZE=2><SUP><a name="rvt-p29"></a>1</SUP> Net of
foreign withholding tax of $442,142.</FONT></P>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>29</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Changes in Net Assets Applicable to Common
 Stockholders</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'>&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 bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Six months ended<BR>
 6/30/11<BR>
 (unaudited)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Year ended<BR>
 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>INVESTMENT OPERATIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,052,926</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,554,527</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net realized gain (loss) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,801,551</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>111,092,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net change in unrealized appreciation
 (depreciation) on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>29,009,516</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>143,429,334</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net increase (decrease) in net assets from
 investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>63,863,993</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>270,076,761</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS TO PREFERRED
 STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(12,980,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rvt-p30">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(6,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Total distributions to Preferred Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(6,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(12,980,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR  bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>

 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=left STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET
 ASSETS APPLICABLE TO COMMON STOCKHOLDERS FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,373,993</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>257,096,761</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS TO COMMON
 STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,980,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rvt-p30">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(24,534,221</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Total distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(24,534,221</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,980,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Reinvestment of distributions to Common
 Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,643,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>986,327</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial SIZE=2>Total capital stock transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,643,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>986,327</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;



 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=left STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET
 ASSETS APPLICABLE TO COMMON STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,483,009</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>256,102,389</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=JUSTIFY STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT: -8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET ASSETS APPLICABLE TO COMMON
 STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Beginning of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,105,879,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>849,776,748</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>

 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>End of period (including undistributed net investment income (loss) of
 $4,400,832 at 6/30/11 and $2,347,906 at 12/31/10)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,151,362,146</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,105,879,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<P><FONT face=arial SIZE=2><SUP><a name="rvt-p30"></a>1</SUP> To be allocated to net investment income, net
realized gains and/or return of capital at year end.</FONT></P>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="68%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>30 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual
 Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Financial Highlights</B></FONT></P>
 </TD>
 </TR>
</TABLE>




<P ALIGN=JUSTIFY style="margin-right:10%"><FONT face=arial SIZE=2>This
table is presented to show selected data for a share of Common Stock
outstanding throughout each period, and to assist stockholders in evaluating
  the Fund&#146;s performance for the periods presented.</FONT></P>



<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width="26%" valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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="11%" valign=BOTTOM><p align=CENTER>&nbsp;</p></td>
    <td width="2%" 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>
    <td width="1%" valign=BOTTOM><p align=CENTER>&nbsp;</p></td>
    <td width="8%" valign=BOTTOM><p align=CENTER>&nbsp;</p></td>
    <td width="2%" 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="2%" 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="2%" valign=BOTTOM><p align=CENTER>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM nowrap><p align=CENTER><font face=arial color="#004a8d" size=2><b>Six months ended</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=14 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b>Years ended December 31</b><font face=arial size=2>,</font></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</p></td>
    <td valign=BOTTOM><p>&nbsp;</p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face="Arial" color="#004a8d"size=2><b>June 30, 2011</b></font></p></td>
    <td valign=BOTTOM><p>&nbsp;</p></td>
    <td colspan=15 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b> (unaudited)</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b>2010</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b>2009</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b>2008</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b>2007</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td colspan=2 valign=BOTTOM><p align=CENTER><font face=arial color="#004a8d" size=2><b>2006</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>NET ASSET VALUE, BEGINNING OF PERIOD</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>16.73</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>12.87</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>9.37</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>19.74</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>20.62</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>18.87</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr  bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>INVESTMENT OPERATIONS:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net investment income (loss)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.24</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.17</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.14</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.09</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.13</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net realized and unrealized gain (loss) on investments and foreign
      currency</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0<font face=arial size=2>.93</font></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.85</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.87</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(8.50</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.13</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.63</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Total investment operations</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><p align=RIGHT><font face=arial size=2>0.96</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>4.09</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>4.04</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(8.36</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.22</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.76</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net investment income</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.20</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.18</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.01</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.01</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.02</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net realized gain on investments and foreign currency</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.20</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.21</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.21</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Return of capital</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.02</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Unallocated distributions<sup><a href="#rvt-p31-1">1</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.10</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Total distributions to Preferred Stockholders</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.10</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.20</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.20</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.21</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.22</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.23</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
      COMMON STOCKHOLDERS FROM INVESTMENT OPERATIONS</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.86</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.89</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.84</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(8.57</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>3.53</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net investment income</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.06</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.09</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.14</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net realized gain on investments and foreign currency</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(1.18</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(1.76</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(1.64</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Return of capital</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.32</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.48</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Unallocated distributions<sup><a href="#rvt-p31-1">1</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.37</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Total distributions to Common Stockholders</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.37</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.32</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(1.72</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(1.85</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(1.78</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>CAPITAL STOCK TRANSACTIONS:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Effect of reinvestment of distributions by Common Stockholders</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.02</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.08</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Total capital stock transactions</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.02</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.08</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(0.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>NET ASSET VALUE, END OF PERIOD</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>17.19</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>16.73</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>12.87</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>9.37</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>19.74</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>20.62</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>MARKET VALUE, END OF PERIOD</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>14.92</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>14.54</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>10.79</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8.39</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>18.58</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>22.21</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef" style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>TOTAL RETURN:<sup><a href="#rvt-p31-2">2</a></sup></b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Market Value</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>5.25</font></p></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><p><font face=arial size=2>%<sup><a href="#rvt-p31-3">3</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>35.05</font></p></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>35.39</font></p></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(48.27</font></p></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><p><font face=arial size=2>)%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(8.21</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>20.96</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net Asset Value</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>5.39</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%<sup><a href="#rvt-p31-3">3</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>30.27</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>44.59</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>(45.62</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>)%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>5.04</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>19.50</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>

  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Total expenses<sup><a href="#rvt-p31-4">4</a>,<a href="#rvt-p31-5">5</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.14</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%<sup><a href="#rvt-p31-6">6</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.23</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.16</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.39</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.38</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.29</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Investment advisory fee expense<sup><a href="#rvt-p31-7">7</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.03</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%<sup><a href="#rvt-p31-6">6</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.11</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.27</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.29</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.20</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Other operating expenses</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.11</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%<sup><a href="#rvt-p31-6">6</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.12</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.16</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.12</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.09</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.09</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net investment income (loss)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.36</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%<sup><a href="#rvt-p31-6">6</a></sup></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.69</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1.66</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.94</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.43</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>0.62</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>SUPPLEMENTAL DATA:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Net Assets Applicable to Common Stockholders,</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>End of Period (in thousands)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1,151,362</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1,105,879</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>849,777</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>603,234</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1,184,669</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>1,180,428</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Liquidation Value of Preferred Stock,</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>End of Period (in thousands)</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>220,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>220,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>220,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>220,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>220,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>220,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Portfolio Turnover Rate</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>12</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>30</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>31</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>26</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>21</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>%</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial color="#004a8d" size=2><b>PREFERRED STOCK:</b></font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Total shares outstanding</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8,800,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8,800,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8,800,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8,800,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8,800,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>8,800,000</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Asset coverage per share</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>155.84</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>150
      .67</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>121.57</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>93.55</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>159
      .62</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>159.14</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Liquidation preference per share</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.00</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr>
    <td valign=BOTTOM><p style='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><font face=arial size=2>Average month-end market value per share</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.18</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>25.06</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>23.18</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>22.51</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>23.68</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>$</font></p></td>
    <td valign=BOTTOM><p align=RIGHT><font face=arial size=2>23.95</font></p></td>
    <td valign=BOTTOM><p><font face=arial size=2>&nbsp;</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1 PX">
    <td colspan=20 valign=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <tr><td VALIGN=TOP><P align="justify"><FONT face=arial SIZE=2><SUP><a name="rvt-p31-1"></a>1</SUP>&nbsp;</FONT></P></td><td VALIGN=TOP><p align="justify"><font face=arial size="2">To be allocated to
net investment income, net realized gains and/or return of capital at year end.</FONT></P></td>
</tr>

<tr><td VALIGN=TOP><P><FONT face=arial SIZE=2><SUP><a name="rvt-p31-2"></a>2</SUP></FONT></P> </td><td VALIGN=TOP><p align="justify"><font face=arial size="2">The Market Value Total Return is calculated
assuming a purchase of Common Stock on the opening of the first business day
and a sale on the closing of the last business day of each period reported.
Dividends and distributions are assumed for the purposes of this calculation to
be reinvested at prices obtained under the Fund&#146;s Distribution Reinvestment and
Cash Purchase Plan. Net Asset Value Total Return is calculated on the same
basis, except that the Fund&#146;s net asset value is used on the purchase and sale
dates instead of market value.</FONT></P></td></tr>


<tr>
<td VALIGN=TOP><p><FONT face=arial SIZE=2><SUP><a name="rvt-p31-3"></a>3</SUP></FONT> </p></td>
<td VALIGN=TOP><p><font face=arial size="2">Not annualized</FONT></p></td></tr>

<tr><td VALIGN=TOP><P><FONT face=arial SIZE=2><SUP><a name="rvt-p31-4"></a>4</SUP></FONT></P> </td><td VALIGN=TOP><p align="justify"><font face=arial size="2">Expense ratios based on total average net
assets including liquidation value of Preferred Stock were 0.96%, 0.18%, 0.12%,
1.13%, 1.17% and 1.08% for the periods ended June 30, 2011, and December 31,
2010, 2009, 2008, 2007 and 2006, respectively.</FONT></P></td></tr>

<tr><td VALIGN=TOP><P><FONT face=arial SIZE=2><SUP><a name="rvt-p31-5"></a>5</SUP></FONT></P> </td><td VALIGN=TOP><p align="justify"><font face=arial size="2">Expense ratios based on average net assets
applicable to Common Stockholders before waiver of fees and after earnings
credits would have been 1.14%, 0.23%, 0.16%, 1.39%, 1.38% and 1.29% for the
periods ended June 30, 2011, and December 31, 2010, 2009, 2008, 2007 and 2006,
respectively.</FONT></P></td></tr>

<tr><td VALIGN=TOP><P><FONT face=arial SIZE=2><SUP><a name="rvt-p31-6"></a>6</SUP></FONT></P> </td><td VALIGN=TOP><p><font face=arial size="2">Annualized</FONT></P></td></tr>

<tr><td VALIGN=TOP><P><FONT face=arial SIZE=2><SUP><a name="rvt-p31-7"></a>7</SUP></FONT></P> </td><td VALIGN=TOP><p align="justify"><font face=arial size="2">The investment advisory fee is calculated
based on average net assets over a rolling 60-month basis, while the above
ratios of investment advisory fee expenses are based on the average net assets
applicable to Common Stockholders over a 12-month basis.</FONT></P></td></tr>
</TABLE>


<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="72%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="27%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>31</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="width:90%">
<P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Summary of Significant Accounting Policies: </B></FONT><br>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
Value Trust, Inc. (the &#147;Fund&#148;), was incorporated under the laws of the State of
Maryland on July 1, 1986, as a diversified closed-end investment company. The
Fund commenced operations on November 26, 1986.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Fund&#146;s organizational documents, the officers and directors are indemnified
against certain liabilities that may arise out of the performance of their
duties to the Fund. Additionally, in the normal course of business, the Fund
enters into contracts with service providers that contain general
indemnification clauses. The Fund&#146;s maximum exposure under these arrangements
is unknown as this would involve future claims that may be made against the
Fund that have not yet occurred. However, based on experience, the Fund expects
the risk of loss to be remote. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Valuation of Investments: </B></FONT><br>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="margin-top:-12pt; margin-bottom: -1pt; margin-left: 35px; text-indent: -39px;" align="justify"><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 WIDTH="90%">
 <TR>
 <TD WIDTH="8%" VALIGN=TOP>
 <P style="margin-top:-6pt"><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Level&nbsp;</FONT></P></TD>
 <TD WIDTH="91%" VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>1 &#150; quoted prices in active markets for identical securities.</font></P>
 </TD>
 </TR>
  <TR>
  <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">Level</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">2&nbsp;&#150;&nbsp;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. Any Level 2 securities with values based on
quoted prices for similar securities would be noted in the Schedule of
Investments.</font></P>
 </TD>
 </TR>
  <TR>
  <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">Level</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">3 &#150; significant unobservable inputs (including the Fund&#146;s
own assumptions in determining the fair value of investments).</font></P>
 </TD>
 </TR>
 </TABLE>


<P ALIGN=JUSTIFY style="margin-right:0pt; margin-top:0pt"><FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or
methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used to value the Fund&#146;s investments as of June 30, 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="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="34%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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="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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 1</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 2</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 3</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>996,828,494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>257,957,451</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,544,694</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,257,330,639</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preferred stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,289,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,289,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Corporate bonds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>193,578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>193,578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,036,797</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,464,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>135,500,797</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Level 3 Reconciliation:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&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="10%" 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="10%" 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="10%" 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="10%" 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="10%" 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="10%" 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="10%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Balance as of<BR>
 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Purchases</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Transfers In</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Transfers Out</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Sales</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Realized and <BR>
 Unrealized <BR>
 Gain (Loss)<SUP><a href="#rvt-p32">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Balance as of<BR>
 6/30/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=23 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common
 stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>1,925,934</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>1,777,190</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>1,741,414</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>1,251,677</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>66,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>(1,581,542</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2>2,544,694</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preferred stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,372,514</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(83,174</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,289,340</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Corporate bonds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>197,064</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>197,064</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=23 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;


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


<br>


<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <tr><td VALIGN=TOP><P align="justify"><FONT face=arial SIZE=2><SUP><a name="rvt-p32"></a>1</SUP>&nbsp;</FONT></P></td><td VALIGN=TOP><p align="justify"><font face=arial size="2">The net change in
unrealized appreciation (depreciation) is included in the accompanying
Statement of Operations. Change in unrealized appreciation (depreciation)
includes net unrealized appreciation (depreciation) resulting from changes in
investment values during the reporting period and the reversal of previously
recorded unrealized appreciation (depreciation) when gains or losses are
realized. Net realized gain (loss) from investments and foreign currency
transactions is included in the accompanying Statement of Operations.</FONT></P></td>
</tr>
</TABLE>


<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>32 | 2011 Semiannual Report to
 Stockholders</FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited) (continued)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="width:90%">

<P align="justify"><FONT face=arial color=#004a8d SIZE=2><B>Repurchase Agreements:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 face=arial color="#004a8d" SIZE=2><B>Foreign Currency:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, expiration of
currency forward contracts, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, including investments in securities at the
end of the reporting period, as a result of changes in foreign currency
exchange rates.</FONT></P>

<P align="justify"><FONT face=arial color="#004a8d" SIZE=2><B>Securities Lending:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 face=arial color="#004a8d" SIZE=2><B>Taxes:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a qualified regulated investment company under Subchapter M of the
Internal Revenue Code, the Fund is not subject to income taxes to the extent
that it distributes substantially all of its taxable income for its fiscal
year. The Schedule of Investments includes information regarding income taxes
under the caption &#147;Tax Information&#148;. </FONT></P>

<P align="justify"><FONT face=arial color="#004a8d" SIZE=2><B>Distributions:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing March 2011, the Fund pays quarterly distributions on the
Fund&#146;s Common Stock at the annual rate of 5% of the rolling average of the
prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock, with the
fourth quarter distribution being the greater of 1.25% of the rolling average
or the distribution required by IRS regulations. Distributions to Preferred
Stockholders are accrued daily and paid quarterly and distributions to Common
Stockholders are recorded on ex-dividend date. Distributable capital gains
and/or net investment income are first allocated to Preferred Stockholder
distributions, with any excess allocable to Common Stockholders. If capital
gains and/or net investment income are allocated to both Preferred and Common
Stockholders, the tax character of such allocations is proportional. To the
extent that distributions are not paid from long-term capital gains, net
investment income or net short-term capital gains, they will represent a return
of capital. Distributions are determined in accordance with income tax
regulations that may differ from accounting principles generally accepted in
the United States of America. Permanent book and tax differences relating to
stockholder distributions will result in reclassifications within the capital
accounts. Undistributed net investment income may include temporary book and
tax basis differences, which will reverse in a subsequent period. Any taxable income
or gain remaining undistributed at fiscal year end is distributed in the
following year. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Investment Transactions and Related Investment Income:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions are accounted for on the trade date. Dividend
income is recorded on the ex-dividend date. Non-cash dividend income is
recorded at the fair market value of the securities received. Interest income
is recorded on an accrual basis. Premium and discounts on debt securities are
amortized using the effective yield-to-maturity method. Realized gains and
losses from investment transactions are determined on the basis of identified
cost for book and tax purposes. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Expenses:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund incurs direct and indirect expenses. Expenses directly
attributable to the Fund are charged to the Fund&#146;s operations, while expenses
applicable to more than one of the Royce Funds are allocated equitably. Certain
personnel, occupancy costs and other administrative expenses related to The
Royce Funds are allocated by Royce &amp; Associates, LLC (&#147;Royce&#148;) under an
administration agreement and are included in administrative and office
facilities and professional fees. The Fund has adopted a deferred fee agreement
that allows the Directors to defer the receipt of all or a portion of
directors&#146; fees otherwise payable. The deferred fees are invested in certain
Royce Funds until distributed in accordance with the agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Compensating Balance Credits:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has an arrangement with its custodian bank, whereby a portion
of the custodian's fee is paid indirectly by credits earned on the Fund's cash
on deposit with the bank. This deposit arrangement is an alternative to
purchasing overnight investments. Conversely, the Fund pays interest to the
custodian on any cash overdrafts, to the extent they are not offset by credits
earned on positive cash balances. </FONT></P>

<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report to Stockholders | 33</FONT></P>

</div>
<br clear="all">

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<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
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 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce Value
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited) (continued)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Capital Stock:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund issued 873,255 and 71,215 shares of Common Stock as reinvestment
of distributions by Common Stockholders for the six months ended June 30, 2011,
and the year ended December 31, 2010, respectively.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June 30, 2011, 8,800,000 shares of 5.90%
Cumulative Preferred Stock were outstanding. The Fund, at its option, may
redeem the Cumulative Preferred Stock, in whole or in part, at the redemption
price. The Cumulative Preferred Stock is classified outside of permanent equity
(net assets applicable to Common Stockholders) in the accompanying financial
statements in accordance with accounting for redeemable equity instruments,
that requires preferred securities that are redeemable for cash or other assets
to be classified outside of permanent equity to the extent that the redemption
is at a fixed or determinable price and at the option of the holder or upon the
occurrence of an event that is not solely within the control of the issuer.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is required to meet certain asset
coverage tests with respect to the Cumulative Preferred Stock as required by
the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established
by Moody&#146;s, the Fund is required to maintain a certain discounted asset
coverage. If the Fund fails to meet these requirements and does not correct
such failure, the Fund may be required to redeem, in part or in full, the
Cumulative Preferred Stock at a redemption price of $25.00 per share, plus an
amount equal to the accumulated and unpaid dividends, whether or not declared
on such shares, in order to meet these requirements. Additionally, failure to
meet the foregoing asset coverage requirements could restrict the Fund's
ability to pay dividends to Common Stockholders and could lead to sales of
portfolio securities at inopportune times. The Fund has met these requirements
since issuing the Cumulative Preferred Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Investment Advisory Agreement:</B></FONT> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As compensation for
its services under the Investment Advisory Agreement, Royce receives a fee
comprised of a Basic Fee (&#147;Basic Fee&#148;) and an adjustment to the Basic Fee based
on the investment performance of the Fund in relation to the investment record
of the S&amp;P SmallCap 600 Index (&#147;S&amp;P 600&#148;).<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Basic Fee is a monthly
fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the
Fund&#146;s month-end net assets applicable to Common Stockholders, plus the
liquidation value of Preferred Stock, for the rolling 60-month period ending
with such month (the &#147;performance period&#148;). The Basic Fee for each month is
increased or decreased at the rate of 1/12 of .05% for each percentage point
that the investment performance of the Fund exceeds, or is exceeded by, the
percentage change in the investment record of the S&amp;P 600 for the
performance period by more than two percentage points. The performance period
for each such month is a rolling 60-month period ending with such month. The
maximum increase or decrease in the Basic Fee for any month may not exceed 1/12
of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted
for performance is 1/12 of 1.5% and is payable if the investment performance of
the Fund exceeds the percentage change in the investment record of the S&amp;P
600 by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if
the percentage change in the investment record of the S&amp;P 600 exceeds the
investment performance of the Fund by 12 or more percentage points for the
performance period.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the
foregoing, Royce is not entitled to receive any fee for any month when the
investment performance of the Fund for the rolling 36-month period ending with
such month is negative. In the event that the Fund&#146;s investment performance for
such a performance period is less than zero, Royce will not be required to
refund to the Fund any fee earned in respect of any prior performance period.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Royce has voluntarily committed to waive the portion of its investment advisory
fee attributable to an issue of the Fund&#146;s Preferred Stock for any month in
which the Fund&#146;s average annual NAV total return since issuance of the
Preferred Stock fails to exceed the applicable Preferred Stock's dividend rate.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six rolling 60-month periods ended June 2011, the Fund&#146;s investment
performance ranged from 1% above to 3% below the investment performance of the
S&amp;P 600. Accordingly, the net investment advisory fee consisted of a Basic
Fee of $6,006,751 and a net downward adjustment of $100,239 for the performance
of the Fund relative to that of the S&amp;P 600. For the six months ended June 30,
2011, the Fund accrued and paid Royce investment advisory fees totaling
$5,906,512. </FONT></P>

<P align="justify"><FONT face=arial color="#004a8d" SIZE=2><B>Purchases and Sales of Investment Securities: </B></FONT><br>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June 30, 2011, the costs of purchases and proceeds from
sales of investment securities, other than short-term securities and collateral
received for securities loaned, amounted to $152,513,320 and $147,515,548,
respectively. </FONT></P>

<P ALIGN=justify><FONT face=arial color="#004a8d" SIZE=2><B>Transactions in Affiliated Companies:</B></FONT><br>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 six months ended June 30, 2011: </FONT></P>



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 <TD WIDTH="9%" VALIGN=BOTTOM>
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 <P ALIGN=CENTER>&nbsp;</P>
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 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
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 <TD WIDTH="6%" VALIGN=BOTTOM>
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 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
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 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
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 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
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 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
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 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>Affiliated
 Company</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Shares<br> 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Market Value<br> 12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Cost of<br> Purchases</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Cost of<br> Sales</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Realized<br> Gain (Loss)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Dividend<br> Income</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Shares<br> 6/30/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Market Value<br> 6/30/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Timberland Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>469,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,731,348</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>469,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,772,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,731,348</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,772,972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM bgcolor="#dbe1ef">
 <P><FONT face=arial SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<P><FONT face=arial color="#004a8d" SIZE=1>34 | 2011
Semiannual Report to Stockholders</FONT></P>
</div>
<br clear="all">
<br>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="51%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman"><a name="rmct-poi"></a>Royce Micro-Cap Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
</TABLE>


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<div style="height:500px; margin-right:10%">


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 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
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 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
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 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial color=#004a8d SIZE=2><B>COMMON
 STOCKS &#150; 102.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
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 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Consumer
 Discretionary &#150; 12.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
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 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Auto Components - 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China XD Plastics <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,515</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Drew Industries</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>127,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,139,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Norstar Founders Group <SUP><a href="#rvt-poi-2">2</a>,<a href="#rvt-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>771,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,187</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SORL Auto Parts <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,913</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>265,109</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Williams Controls</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,437,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,968,751</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Distributors - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Weyco Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,180,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Diversified Consumer
 Services - 0.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ChinaCast Education <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>134,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>696,710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lincoln Educational Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>365,295</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Spectrum Group International <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a>,<a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,390</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,081,395</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Hotels, Restaurants &amp; Leisure - 0.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Benihana Cl. A <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>600,028</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Household Durables - 2.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cavco Industries <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,091</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,095</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CSS Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,243</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>423,686</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ethan Allen Interiors</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>81,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,737,264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Flexsteel Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>172,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,509,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hanssem</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>33,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>420,352</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Koss Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>455,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Natuzzi ADR <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>409,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,442,496</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Universal Electronics <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,192,272</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,320,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Internet &amp; Catalog
 Retail - 1.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Geeknet <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>87,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,338,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NutriSystem</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>306,508</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>US Auto Parts Network <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>140,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,079,294</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,723,802</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Leisure Equipment &amp;
 Products - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Leapfrog Enterprises Cl. A <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>123,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>519,904</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sturm, Ruger &amp; Co.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>702,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,222,304</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Media - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Global Sources <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,411</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>215,147</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Rentrak Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>798,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Value Line</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,487</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>435,651</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,449,098</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Specialty Retail - 4.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>America's Car-Mart <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>92,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,062,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Charming Shoppes <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>667,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,775,552</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dickson Concepts (International)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>604,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>473,346</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kirkland's <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>306,510</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Le Chateau Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>641,609</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lewis Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>713,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Shoe Carnival <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,752</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>384,473</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Stein Mart</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>178,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,724,596</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Systemax <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>102,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,523,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>West Marine <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>86,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>891,820</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>







<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="68%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>Consumer
 Discretionary (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Specialty Retail
 (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Wet Seal (The) Cl. A <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>87,579</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>391,478</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,889,072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Textiles, Apparel &amp;
 Luxury Goods - 1.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP>China
 Xiniya Fashion ADR <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>116,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>J.G. Boswell Company <SUP><a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,867,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>K-Swiss Cl. A <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>769,612</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Movado Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>77,633</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,328,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>True Religion Apparel <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>436,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,518,412</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $29,213,765)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>39,953,782</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Consumer
 Staples &#150; 3.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Beverages - 0.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Heckmann Corporation <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,208,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Food &amp; Staples
 Retailing - 0.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Winn-Dixie Stores <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>422,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Food Products - 2.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Asian Citrus Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,060,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>968,434</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Binggrae</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>561,282</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BW Plantation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>744,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>103,429</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Farmer Bros. <SUP><a href="#rvt-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>521,196</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Griffin Land &amp; Nurseries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46,473</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,509,908</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Origin Agritech <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>121,488</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>483,522</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Seneca Foods Cl. A <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,314,812</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Seneca Foods Cl. B <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,060,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Westway Group <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>220,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,067,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,590,383</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Household Products - 0.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Oil-Dri Corporation of America</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>214,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Personal Products - 0.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Schiff Nutrition International Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,803</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>311,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $7,945,225)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,746,199</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Energy &#150;
 4.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Energy Equipment &amp;
 Services - 3.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CE Franklin <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>362,778</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dawson Geophysical <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>53,213</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,817,224</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Global Geophysical Services <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>623,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gulf Island Fabrication</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>29,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>939,864</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lamprell</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>202,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,226,056</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>North American Energy Partners <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>383,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>OYO Geospace <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,130</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>713,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pason Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,098,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pioneer Drilling <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>876,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP>SinoTech
 Energy ADR <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>103,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>427,248</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tesco Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>970,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Willbros Group <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>131,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,119,594</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,557,136</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Oil, Gas &amp; Consumable
 Fuels - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Approach Resources <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>272,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BPZ Resources <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>164,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>537,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Credo Petroleum <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>98,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>918,260</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GeoMet <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>88,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



</div>

<BR clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>35</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>




<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">


 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Energy
 (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Oil, Gas &amp; Consumable
 Fuels (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP> Uranerz
 Energy <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>29,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>87,580</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>VAALCO Energy <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>98,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>595,378</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,499,678</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $8,727,847)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,056,814</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Financials
 &#150; 16.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Capital Markets - 7.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ASA Gold and Precious Metals</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>858,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BKF Capital Group <SUP><a href="#rvt-poi-2">2</a>,<a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>130,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,354</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cohen &amp; Steers</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>924,885</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cowen Group Cl. A <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>367,834</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,383,056</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Diamond Hill Investment Group</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34,479</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,802,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Duff &amp; Phelps Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>641,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Edelman Financial Group (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>209,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,649,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Epoch Holding Corporation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>196,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,507,525</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FBR &amp; Company <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>326,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,110,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fiera Sceptre</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>78,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>586,345</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>INTL FCStone <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>603,071</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>JZ Capital Partners</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>343,999</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,186,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MVC Capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>126,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,669,626</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NGP Capital Resources</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>99,225</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>813,645</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Queen City Investments <SUP><a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>948</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>933,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>U.S. Global Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>91,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>658,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Urbana Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>237,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>305,484</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Virtus Investment Partners <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,731,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,531,569</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Commercial Banks - 2.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BCB Holdings <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>806,207</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>698,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Chemung Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>916,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Commercial National Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>385,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fauquier Bankshares</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>135,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,655,402</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Financial Institutions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>591,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>First Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>597,372</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>LCNB Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>357,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mechanics Bank</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Orrstown Financial Services</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>334,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Peapack-Gladstone Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>64,316</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>757,643</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,350,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Consumer Finance - 0.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>World Acceptance <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>452,433</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Diversified Financial
 Services - 0.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Banca Finnat Euramerica</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,010,118</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>637,611</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bolsa Mexicana de Valores</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>602,639</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP>Gain
 Capital Holdings <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>170,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PICO Holdings <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,325,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,735,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Insurance - 1.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hilltop Holdings <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>101,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>896,376</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Independence Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,152</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Presidential Life</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>188,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,963,764</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SeaBright Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>102,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,009,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,870,092</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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






<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Financials
 (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Real Estate Investment
 Trusts (REITs) - 1.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Colony Financial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>139,717</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,524,686</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PennyMac Mortgage Investment Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,325,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Vestin Realty Mortgage II <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>214,230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>297,780</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,148,066</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM COLSPAN=7>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Real Estate Management
 &amp; Development - 2.9%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Consolidated-Tomoka Land</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,644,672</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>IFM Investments ADR <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,885</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>86,561</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Kennedy-Wilson Holdings</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>465,358</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,700,635</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tejon Ranch <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,985</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,533,988</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ZipRealty <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,023,356</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Thrifts &amp; Mortgage
 Finance - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Alliance Bancorp, Inc. of Pennsylvania</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,344</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>453,957</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>BofI Holding <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>88,362</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,273,296</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CFS Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>402,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>HopFed Bancorp</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>56,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>443,751</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,573,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $49,830,059)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>53,686,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Health
 Care &#150; 7.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Biotechnology - 0.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>3SBio ADR <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>26,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>458,060</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Vical <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>494,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>952,460</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Health Care Equipment &amp;
 Supplies - 4.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Allied Healthcare Products <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>226,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>898,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Atrion Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,285,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CryoLife <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,573</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>283,209</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>DynaVox Cl. A <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>152,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Exactech <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>121,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,179,210</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hansen Medical <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>320,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,091,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kensey Nash <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42,078</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,061,628</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Medical Action Industries <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>125,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,020,787</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NMT Medical <SUP><a href="#rvt-poi-2">2</a>,<a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>STRATEC Biomedical Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>622,036</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Syneron Medical <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>69,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>839,396</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Theragenics Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>306,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>540,144</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Utah Medical Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,110,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Young Innovations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>61,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,752,554</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,837,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Health Care Providers &amp;
 Services - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Gentiva Health Services <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>479,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>LHC Group <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>341,288</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PDI <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>65,383</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>463,566</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PharMerica Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>510,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Psychemedics Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>356,625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>U.S. Physical Therapy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>247,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,398,269</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Health Care Technology -
 0.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Transcend Services <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,093,308</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Life Sciences Tools &amp; Services - 0.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>EPS</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>710</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,671,671</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Furiex Pharmaceuticals <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,758</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>422,655</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>






<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>36 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=721 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=5 face="Times New Roman">&nbsp;</FONT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=4>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


<br>


<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">


 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Health
 Care (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Life Sciences Tools &amp;
 Services (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PAREXEL International <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>678,528</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,772,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Pharmaceuticals - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Adolor Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>460,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>916,395</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bukwang Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>495,840</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Daewoong Pharmaceutical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,904</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>428,005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hi-Tech Pharmacal <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>627,781</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,468,021</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $17,782,065)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22,522,666</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Industrials
 &#150; 25.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Aerospace &amp; Defense -
 1.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ducommun</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,483,097</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>HEICO Corporation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,873,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Innovative Solutions and Support <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>547,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>SIFCO Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>748,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,652,777</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Air Freight &amp; Logistics
 - 0.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Forward Air</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,713,153</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pacer International <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,878,353</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Building Products - 3.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AAON</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>109,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,391,480</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>American Woodmark</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,247,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Apogee Enterprises</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>57,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>741,699</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Burnham Holdings Cl. A <SUP><a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>113,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,610,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Griffon Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>89,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>902,160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NCI Building Systems <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,676</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sung Kwang Bend</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>578,214</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Trex Company <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,203,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>WaterFurnace Renewable Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,114,086</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,883,805</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Commercial Services &amp;
 Supplies - 2.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CompX International Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>107,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,416,850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Courier Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,450</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>336,473</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Heritage-Crystal Clean <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>113,301</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,173,113</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Interface Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>522,990</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Team <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>107,040</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,582,875</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>US Ecology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>82,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,402,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,434,501</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Construction &amp;
 Engineering - 0.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Comfort Systems USA</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,096</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>287,488</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Integrated Electrical Services <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>305,090</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>957,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MYR Group <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>666,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pike Electric <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>653,276</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sterling Construction <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>344,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,909,897</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Electrical Equipment - 2.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AZZ</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18,247</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>835,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Deswell Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>564,371</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,636,676</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Encore Wire</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>363,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fushi Copperweld <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>204,063</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,169,281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Jinpan International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>124,124</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,387,706</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>






<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">


 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Industrials (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Electrical
 Equipment (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>LSI Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>79,812</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>633,707</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Powell Industries <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,481,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preformed Line Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,138,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,647,163</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Industrial Conglomerates -
 1.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Raven Industries</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,253,464</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Machinery - 6.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Armstrong Industrial</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,166,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>611,654</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cascade Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>409,102</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CIRCOR International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>599,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Columbus McKinnon <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>26,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>467,858</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Eastern Company (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>39,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>637,987</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FAG Bearings India</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>631,554</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Force Protection <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>126,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>629,066</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Foster (L.B.) Company Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>69,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,293,827</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>FreightCar America <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,087,086</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Graham Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>940,440</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hurco Companies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,966</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,480,565</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>NN <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>114,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,709,928</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>PMFG <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>143,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,854,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Semperit AG Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>623,499</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Sun Hydraulics</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,816,615</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Tennant Company</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>92,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,685,539</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21,478,770</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Professional Services -
 3.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Acacia Research-Acacia Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>862,215</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Advisory Board (The) <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,396,232</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CBIZ <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>345,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Exponent <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,540,984</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GP Strategies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,385</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>565,319</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Heidrick &amp; Struggles International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>452,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>JobStreet Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,518</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Kforce <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>784,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>On Assignment <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>404,013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>SFN Group <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,727,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,127,801</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Road &amp; Rail - 1.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Frozen Food Express Industries <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>157,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>560,490</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Patriot Transportation Holding <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>111,681</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,498,304</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Universal Truckload Services <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>134,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,298,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

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

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,357,640</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Trading Companies &amp;
 Distributors - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aceto Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>484,590</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Houston Wire &amp; Cable</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,047,681</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lawson Products</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,269</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>988,791</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,521,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $54,212,842)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>82,145,233</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Information
 Technology &#150; 18.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Communications Equipment -
 1.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Anaren <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>170,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Bel Fuse Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,705</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,570,756</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cogo Group <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>104,275</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>556,829</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report
 to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>37</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>Information
 Technology (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Communications Equipment
 (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PC-Tel <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>44,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>285,768</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Zhone Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>316,320</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>749,678</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,333,031</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Computers &amp; Peripherals
 - 1.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Imation Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>112,312</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,060,225</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Intevac <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>320,594</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Rimage Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>79,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,063,656</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Super Micro Computer <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>55,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>897,082</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>TransAct Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>78,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>919,620</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Xyratex <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>323,190</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,584,367</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM COLSPAN=7>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Electronic Equipment,
 Instruments &amp; Components - 6.1%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Agilysys <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>750,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Diguang International Development <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>230,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Diploma</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>301,105</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Domino Printing Sciences</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>875,685</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Frequency Electronics <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>115,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,092,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hana Microelectronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>379,826</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hollysys Automation Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>252,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,349,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Inficon Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>751,942</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mercury Computer Systems <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>390,412</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Mesa Laboratories</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>48,267</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,528,133</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Methode Electronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>329,724</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Newport Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,469,953</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Park Electrochemical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>430,430</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pulse Electronics</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>663,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Research Frontiers <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,150</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>137,786</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Richardson Electronics</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>250,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,409,731</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Rogers Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,698,080</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>TTM Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>114,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,832,688</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,395,767</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Internet Software &amp;
 Services - 1.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP>Bitauto
 Holdings ADR <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>390,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>CryptoLogic <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>88,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>131,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Marchex Cl. B</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>843,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Support.com <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>215,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,032,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>WebMediaBrands <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>525,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>703,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>World Energy Solutions <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,920</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>306,264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,406,931</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>IT Services - 4.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cass Information Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>566,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Computer Task Group <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>161,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,121,687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Forrester Research</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>54,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,809,504</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>iGATE Corporation <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>81,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,325,184</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Innodata Isogen <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>593,832</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,573,655</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Integral Systems <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>123,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,496,910</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Sapient Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,260,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tier Technologies <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>181,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>909,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Yucheng Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>138,244</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>452,058</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,515,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM colspan="7">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Semiconductors &amp;
 Semiconductor Equipment - 1.5%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Advanced Analogic Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>484,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP> Amtech
 Systems <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>251,808</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>






<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>Information Technology (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM colspan="7">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Semiconductors
 &amp; Semiconductor Equipment (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Exar Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>311,208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,969,947</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Himax Technologies ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,968</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>261,729</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Integrated Silicon Solution <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>93,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>899,310</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PLX Technology <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>110,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>381,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Rudolph Technologies <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>630,819</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,879,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Software - 2.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>ACI Worldwide <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>69,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,350,392</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Actuate Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>210,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,233,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>American Software Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>558,432</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fundtech</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,467,060</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pegasystems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>49,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,280,950</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>S1 Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>448,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,338,814</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $38,345,174)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>59,454,421</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Materials
 &#150; 8.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Chemicals - 2.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Balchem Corporation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>63,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,774,558</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Hawkins</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>54,697</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,981,125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Landec Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>397,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Quaker Chemical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>53,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,309,637</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,463,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Construction Materials -
 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Ash Grove Cement <SUP><a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,280,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Monarch Cement</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,303</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,297,114</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;



 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,577,114</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Metals &amp; Mining - 4.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>AuRico Gold <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>74,636</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>820,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aurizon Mines <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>47,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>262,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Central Steel &amp; Wire <SUP><a href="#rvt-poi-4">4</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,088</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>690,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Chesapeake Gold <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>226,865</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Endeavour Mining <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>618,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,480,680</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Endeavour Mining (Warrants) <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,106</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Exeter Resource <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>140,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>585,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Extorre Gold Mines <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>140,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,790,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Haynes International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>706,002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Horsehead Holding Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>582,084</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>MAG Silver <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>74,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>746,005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Materion Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>998,190</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Midway Gold <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>345,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>676,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Minefinders Corporation <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>468,360</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Northgate Minerals <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>270,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>702,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>RTI International Metals <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>959,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Seabridge Gold <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>471,107</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sprott Resource <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>104,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>496,860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Synalloy Corporation <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>789,774</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Universal Stainless &amp; Alloy Products <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,299</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,697,341</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Victoria Gold <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>124,423</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Vista Gold <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>141,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,447,407</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2>Paper &amp; Forest Products
 - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pope Resources L.P.</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51,205</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,330,339</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>38 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<br clear="all">




<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=721 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=5 face="Times New Roman">&nbsp;</FONT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP color="#004a8d" STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=4>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">


<br>


<div style="height:500px; margin-right:10%">





<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&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="10%" 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="10%" 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><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Materials
 (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Paper &amp; Forest Products
 (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rvt-poi-dagger">&#134;</a></SUP> QX Paper <SUP><a href="#rvt-poi-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>198,543</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,528,882</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $16,655,110)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28,016,703</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>Telecommunication
 Services &#150; 0.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM colspan="7">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Diversified
 Telecommunication Services - 0.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Neutral Tandem <SUP><a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,567,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $1,163,871)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,567,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Utilities
 &#150; 0.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM colspan="7">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2>Independent Power Producers
 &amp; Energy Traders - 0.1%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>China Hydroelectric ADS <SUP><a href="#rvt-poi-1">1</a>,<a href="#rvt-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>83,100</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>339,048</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial 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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $664,490)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>339,048</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Miscellaneous<SUP><a href="#rvt-poi-5">5</a></SUP>
 &#150; 4.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>Total </B></font><font face=arial size=2>(Cost $13,021,512)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,781,197</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>TOTAL COMMON STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $237,561,960)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>324,269,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>PREFERRED
 STOCK &#150; 0.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Seneca Foods Conv.<SUP><a href="#rvt-poi-2">2</a>,<a href="#rvt-poi-4">4</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $578,719)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,409</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,156,113</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

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






<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" ALIGN="RIGHT">


 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN="BOTTOM">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN="BOTTOM">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN="BOTTOM">
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN="BOTTOM">
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN="BOTTOM">
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD colspan="2" VALIGN=BOTTOM>
 <P align="center"><FONT face=arial SIZE=2><b>VALUE</b></FONT></P>
 </TD>

 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>REPURCHASE
 AGREEMENT &#150; 16.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM nowrap>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fixed Income Clearing Corp.,<BR>
0.01% dated 6/30/11, due 7/1/11,<BR>
maturity value $52,666,015 (collateralized<BR>
by obligations of various U.S. Government<BR>
Agencies, 1.00% due 4/30/12, valued at<BR>
$53,984,275) <BR>(Cost $52,666,000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,666,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>COLLATERAL
 RECEIVED FOR SECURITIES LOANED &#150; 3.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Money Market Funds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Federated Government Obligations Fund</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(7 day yield-0.009864%)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $10,869,503)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,869,503</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>TOTAL
 INVESTMENTS &#150; 122.7%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $301,676,182)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>388,961,541</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>LIABILITIES
 LESS CASH</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>AND OTHER ASSETS &#150; (3.8)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(12,013,716</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>PREFERRED
 STOCK &#150; (18.9)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(60,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color=#004a8d SIZE=2><B>NET ASSETS
 APPLICABLE TO COMMON</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial color=#004a8d SIZE=2><B>STOCKHOLDERS &#150; 100.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2><B>316,947,825</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>
</div>
<br clear="all">
<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-poi-dagger"></a>&#134;</SUP>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>New
 additions in 2011.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-poi-1"></a>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>All
 or a portion of these securities were on loan at June 30, 2011. Total market
 value of loaned securities at June 30, 2011, was $10,560,798.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-poi-2"></a>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Non-income
 producing.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-poi-3"></a>3</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Securities
 for which market quotations are not readily available represent 0.1% of net
 assets. These securities have been valued at their fair value under
 procedures approved by the Fund'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. See Notes to Financial Statements.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-poi-4"></a>4</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>These
 securities are defined as Level 2 securities due to fair value being based on
 quoted prices for similar securities. See Notes to Financial Statements.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-poi-5"></a>5</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Includes
 securities first acquired in 2011 and less than 1% of net assets applicable
 to Common Stockholders.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>Bold indicates the Fund's 20 largest equity holdings in
 terms of June 30, 2011, market value.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>TAX INFORMATION: </B>The cost of total investments for Federal income tax purposes was
 $302,239,388. At June 30, 2011, net unrealized appreciation for all
 securities was $86,722,153, consisting of aggregate gross unrealized
 appreciation of $114,347,581 and aggregate gross unrealized depreciation of
 $27,625,428. The primary difference between book and tax basis cost is the
 timing of the recognition of losses on securities sold.</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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



<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report
 to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>39</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">


<BR>
<BR><BR><BR><BR><BR><BR><BR>
<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<br clear="all">




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="57%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4 face="Times New Roman">June
 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Assets and Liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>ASSETS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Total investments at value
 (including collateral on loaned securities)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>336,295,541</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Repurchase agreements (at
 cost and value)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,666,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Cash and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,777</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Receivable for investments
 sold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>143,405</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Receivable for dividends
 and interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>306,749</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Prepaid expenses and other
 assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,538</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>389,440,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>LIABILITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Payable for collateral on
 loaned securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,869,503</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Payable for investments
 purchased</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,219,389</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Payable for investment
 advisory fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>203,522</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Preferred dividends accrued
 but not yet declared</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Accrued expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>119,771</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12,492,185</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>PREFERRED
 STOCK:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>6.00% Cumulative Preferred Stock - $0.001 par value, $25 liquidation
 value per share; 2,400,000 shares outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Preferred Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>316,947,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>ANALYSIS OF NET ASSETS APPLICABLE TO COMMON
 STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common Stock paid-in capital - $0.001 par value per share; 27,823,031
 shares outstanding (150,000,000 shares authorized)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>229,856,846</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Undistributed net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,328,983</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Accumulated net realized gain (loss) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,911,219</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net unrealized appreciation (depreciation) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>87,273,829</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated and accrued distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(8,765,086</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net Assets applicable to Common Stockholders (net asset value per
 share - $11.39)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>316,947,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments at identified cost (including $10,869,503 of collateral on
 loaned securities)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>249,010,182</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Market value of loaned securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,560,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>40 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report to Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4 face="Times New Roman">Six
 Months Ended June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Operations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>INVESTMENT
 INCOME:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Income:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dividends<SUP><a href="#rvt-page41">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,649,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,812</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Securities lending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,572</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Total income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,708,860</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Expenses:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investment advisory fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,125,541</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Stockholder reports</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>58,241</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Custody and transfer agent fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>55,303</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Professional fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>33,042</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Directors' fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>31,872</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Administrative and office facilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>17,870</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,163</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,352,032</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Compensating balance credits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,352,021</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net investment income
 (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>356,839</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>REALIZED
 AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net realized gain (loss):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,050,577</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Foreign currency transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(9,291</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net change in unrealized
 appreciation (depreciation):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments and foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,412,535</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other assets and liabilities denominated in foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,868</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net realized and unrealized
 gain (loss) on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,489,689</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>NET
 INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,846,528</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,800,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<BR>
FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,046,528</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>





<P><FONT face=arial SIZE=2><SUP><a name="rvt-page41"></a>1 </SUP>Net of foreign withholding tax of $32,922.</FONT></P>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report
 to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>41</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Changes in Net Assets Applicable to Common
 Stockholders</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<br>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Six months ended<BR>
 6/30/11<BR>
 (unaudited)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Year ended</B><BR>
 <B>12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>INVESTMENT
 OPERATIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net investment income
 (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>356,839</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,194,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net realized gain (loss) on
 investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,041,286</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>43,946,229</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net change in unrealized
 appreciation (depreciation) on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,448,403</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>26,663,923</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net increase (decrease) in
 net assets from investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,846,528</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>72,805,144</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(2,832,980</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Net realized gain on
 investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(767,020</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rvt-page42">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,800,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Total distributions to
 Preferred Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,800,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3,600,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>&nbsp;&nbsp;&nbsp;FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,046,528</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>69,205,144</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,720,810</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(465,903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rvt-page42">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(6,885,086</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(6,885,086</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(2,186,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Reinvestment of distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,507,568</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,104,264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total capital stock transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,507,568</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,104,264</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,669,010</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>68,122,695</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><FONT face=arial SIZE=2>Beginning of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>311,278,815</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>243,156,120</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><FONT face=arial SIZE=2>End of period (including undistributed net investment income (loss) of
 $(1,328,983) at 6/30/11 and $(1,685,821) at 12/31/10)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>316,947,825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>311,278,815</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-page42"></a>1 </SUP>To be allocated to net investment income,
 net realized gains and/or return of capital at year end.</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>42 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report to
 Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5 face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Financial Highlights</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<P ALIGN=JUSTIFY style="margin-right:10%"><FONT face=arial SIZE=2>This
table is presented to show selected data for a share of Common Stock
outstanding throughout each period, and to assist stockholders in evaluating
the Fund's performance for the periods presented.</FONT></P>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=5 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Six months ended<BR>
 June 30, 2011<BR>
 (unaudited)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Years ended December 31</B>,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=15 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial color="#004a8d" SIZE=2><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial color="#004a8d" SIZE=2><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial color="#004a8d" SIZE=2><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial color="#004a8d" SIZE=2><B>2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial color="#004a8d" SIZE=2><B>2006</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET ASSET VALUE, BEGINNING OF PERIOD</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.77</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.43</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>INVESTMENT OPERATIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized and unrealized gain (loss) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.58</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.88</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(5.70</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.5PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.88</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(5.68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Return of capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rvt-p43-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Preferred Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.53</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(5.82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.06</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.83</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Return of capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rvt-p43-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.25</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Effect of reinvestment of distributions by Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total capital stock transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>NET ASSET VALUE, END OF PERIOD</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13.48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>14.77</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>MARKET VALUE, END OF PERIOD</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.80</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5.62</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>11.94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16.57</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>TOTAL RETURN:<SUP><a href="#rvt-p43-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Market Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<SUP><a href="#rvt-p43-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37.91</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(45.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(20.54</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>26.72</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net Asset Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<SUP><a href="#rvt-p43-3">3</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>28.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46.47</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(45.45</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.64</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22.46</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total expenses<SUP><a href="#rvt-p43-4">4</a>,<a href="#rvt-p43-5">5</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<SUP><a href="#rvt-p43-6">6</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.59</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.64</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investment advisory fee expense<SUP><a href="#rvt-p43-7">7</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.72</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<SUP><a href="#rvt-p43-6">6</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.97</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.39</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.44</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other operating expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<SUP><a href="#rvt-p43-6">6</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<SUP><a href="#rvt-p43-6">6</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>SUPPLEMENTAL DATA:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net Assets Applicable to Common Stockholders,
End of Period (in thousands)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>316,948</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>311,279</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>243,156</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>169,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>331,476</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>343,682</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Liquidation Value of Preferred Stock,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>End of Period (in thousands)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Portfolio Turnover Rate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>41</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial color="#004a8d" SIZE=2><B>PREFERRED STOCK:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total shares outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,400,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Asset coverage per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>157.06</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>154.70</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>126.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>95.77</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>163.11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>168.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Liquidation preference per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Average month-end market value per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.11</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23.47</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24.06</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-p43-1"></a>1</SUP>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>To
 be allocated to net investment income, net realized gains and/or return of
 capital at year end.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-p43-2"></a>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The
 Market Value Total Return is calculated assuming a purchase of Common Stock
 on the opening of the first business day and a sale on the closing of the
 last business day of each period reported. Dividends and distributions are
 assumed for the purposes of this calculation to be reinvested at prices
 obtained under the Fund's
 Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total Return
 is calculated on the same basis, except that the Fund's net asset value is
 used on the purchase and sale dates instead of market value.</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><SUP><a name="rvt-p43-3"></a></SUP>3</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Not
 annualized</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-p43-4"></a>4</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Expense
 ratios based on total average net assets including liquidation value of
 Preferred Stock were 0.72%, 0.91%, 1.21%, 1.26%, 1.33% and 1.38% for the
 periods ended June 30, 2011, and December 31, 2010, 2009, 2008, 2007 and
 2006, respectively.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-p43-5"></a>5</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Expense
 ratios based on average net assets applicable to Common Stockholders before
 waiver of fees by the investment adviser
 would have been 1.17%, 1.74% and 1.58% for the years ended December
 31, 2010, 2009 and 2008, respectively; before waiver of fees and after
 earnings credits would have been 0.86%, 1.17%, 1.74%, 1.58%, 1.56% and 1.64%
 for the periods ended June 30, 2011, and December 31, 2010, 2009, 2008, 2007
 and 2006, respectively.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-p43-6"></a>6</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Annualized</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rvt-p43-7"></a>7</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The
 investment advisory fee is calculated based on average net assets over a
 rolling 36-month basis, while the above ratios of investment advisory fee
 expenses are based on the average net assets applicable to Common
 Stockholders over a 12-month basis.</FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">


<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Semiannual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>43</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">


<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited)</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">

<br>
<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Summary of Significant Accounting Policies: </B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
Micro-Cap Trust, Inc. (the &#147;Fund&#148;), was incorporated under the laws of the
State of Maryland on September 9, 1993, as a diversified closed-end investment
company. The Fund commenced operations on December 14, 1993.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in
conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Actual results
could differ from those estimates.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fund&#146;s organizational documents, the
officers and directors are indemnified against certain liabilities that may
arise out of the performance of their duties to the Fund. Additionally, in the normal
course of business, the Fund enters into contracts with service providers that
contain general indemnification clauses. The Fund&#146;s maximum exposure under
these arrangements is unknown as this would involve future claims that may be
made against the Fund that have not yet occurred. However, based on experience,
the Fund expects the risk of loss to be remote.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Valuation of Investments:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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'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 style="margin-top:-12pt; margin-bottom: -1pt; margin-left: 35px; text-indent: -39px;" align="justify"><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 WIDTH="90%">
 <TR>
 <TD WIDTH="8%" VALIGN=TOP>
 <P style="margin-top:-6pt"><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Level&nbsp;</FONT></P></TD>
 <TD WIDTH="91%" VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>1 &#150; quoted prices in active markets for identical securities.</font></P>
 </TD>
 </TR>
  <TR>
  <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">Level</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">2&nbsp;&#150;&nbsp;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. Any Level 2 securities with values based on
quoted prices for similar securities would be noted in the Schedule of
Investments.</font></P>
 </TD>
 </TR>
  <TR>
  <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">Level</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">3 &#150; significant unobservable inputs (including the Fund&#146;s
own assumptions in determining the fair value of investments).</font></P>
 </TD>
 </TR>
 </TABLE>



<P ALIGN=JUSTIFY style="margin-right:0pt; margin-top:0pt"><FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used to
value the Fund&#146;s investments as of June 30, 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="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="42%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Level 1</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Level 2</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Level 3</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>286,239,391</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>37,795,804</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>234,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>324,269,925</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preferred stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,156,113</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,156,113</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,869,503</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>52,666,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>63,535,503</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Level 3 Reconciliation:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=3 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Realized and</B><br>
<B>Unrealized</B><br>
<B>Gain (Loss)<sup><a href="#page44">1</a></sup></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Balance as of</B><br>
<B>12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Purchases</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Transfers Out</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Balance as of</B><br>
<B>6/30/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Sales</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=left><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,229</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>459,067</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(260,566</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>234,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
</TABLE>
<br clear="all">


<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><SUP><a name="page44"></a>1</SUP>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT face=arial SIZE=2>The net change in
 unrealized appreciation (depreciation) is included in the accompanying
 Statement of Operations. Change in unrealized appreciation (depreciation)
 includes net unrealized appreciation (depreciation) resulting from changes in
 investment values during the reporting period and the reversal of previously
 recorded unrealized appreciation (depreciation) when gains or losses are
 realized. Net realized gain (loss) from investments and foreign currency
 transactions is included in the accompanying Statement of Operations.</FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">


<P><FONT face=arial SIZE=1 color="#004a8d">44 | 2011
Semiannual Report to Stockholders</FONT></P>
</div>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited) (continued)</B></FONT></P>
 </TD>
 </TR>
</TABLE>
<br clear="all">

<br>

<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Repurchase Agreements:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 face=arial SIZE=2 color="#004a8d"><B>Foreign Currency: </B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, expiration of
currency forward contracts, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, including investments in securities at the
end of the reporting period, as a result of changes in foreign currency
exchange rates.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Securities Lending:</B> </font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 face=arial SIZE=2 color="#004a8d"><B>Taxes:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a qualified regulated investment company under Subchapter M of the
Internal Revenue Code, the Fund is not subject to income taxes to the extent
that it distributes substantially all of its taxable income for its fiscal
year. The Schedule of Investments includes information regarding income taxes
under the caption &#147;Tax Information&#148;.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Distributions:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing March 2011, the Fund pays quarterly distributions on the
Fund&#146;s Common Stock at the annual rate of 5% of the rolling average of the
prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock, with the
fourth quarter distribution being the greater of 1.25% of the rolling average
or the distribution required by IRS regulations. Distributions to Preferred
Stockholders are accrued daily and paid quarterly and distributions to Common
Stockholders are recorded on ex-dividend date. Distributable capital gains
and/or net investment income are first allocated to Preferred Stockholder
distributions, with any excess allocable to Common Stockholders. If capital
gains and/or net investment income are allocated to both Preferred and Common
Stockholders, the tax character of such allocations is proportional. To the
extent that distributions are not paid from long- term capital gains, net investment
income or net short-term capital gains, they will represent a return of
capital. Distributions are determined in accordance with income tax regulations
that may differ from accounting principles generally accepted in the United
States of America. Permanent book and tax differences relating to stockholder
distributions will result in reclassifications within the capital accounts.
Undistributed net investment income may include temporary book and tax basis
differences, which will reverse in a subsequent period. Any taxable income or
gain remaining undistributed at fiscal year end is distributed in the following
year.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Investment Transactions and Related Investment Income:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment transactions are accounted for on the trade date. Dividend
income is recorded on the ex-dividend date. Non-cash dividend income is
recorded at the fair market value of the securities received. Interest income
is recorded on an accrual basis. Premium and discounts on debt securities are
amortized using the effective yield-to-maturity method. Realized gains and
losses from investment transactions are determined on the basis of identified
cost for book and tax purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Expenses:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund incurs direct and indirect expenses. Expenses directly
attributable to the Fund are charged to the Fund&#146;s operations, while expenses
applicable to more than one of the Royce Funds are allocated equitably. Certain
personnel, occupancy costs and other administrative expenses related to The
Royce Funds are allocated by Royce &amp; Associates, LLC (&#147;Royce&#148;) under an
administration agreement and are included in administrative and office
facilities and professional fees. The Fund has adopted a deferred fee agreement
that allows the Directors to defer the receipt of all or a portion of
directors&#146; fees otherwise payable. The deferred fees are invested in certain
Royce Funds until distributed in accordance with the agreement.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Compensating Balance Credits:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has an arrangement with its custodian bank, whereby a portion
of the custodian's fee is paid indirectly by credits earned on the Fund's cash
on deposit with the bank. This deposit arrangement is an alternative to
purchasing overnight investments. Conversely, the Fund pays interest to the
custodian on any cash overdrafts, to the extent they are not offset by credits
earned on positive cash balances. </FONT></P>

<P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
Semiannual Report to Stockholders | 45</FONT></P>

</div>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce
 Micro-Cap Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d"><B>&nbsp;&nbsp;&nbsp;Notes to
 Financial Statements (unaudited) (continued)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>
<div style="width:90%">
<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Capital Stock:</B></font><BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund issued 371,641 and 117,475 shares of Common Stock as
reinvestment of distributions by Common Stockholders for the six months ended
June 30, 2011, and the year ended December 31, 2010, respectively.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June 30, 2011, 2,400,000 shares of 6.00%
Cumulative Preferred Stock were outstanding. The Fund, at its option, may
redeem the Cumulative Preferred Stock, in whole or in part, at the redemption
price. The Cumulative Preferred Stock is classified outside of permanent equity
(net assets applicable to Common Stockholders) in the accompanying financial
statements in accordance with accounting for redeemable equity instruments,
that requires preferred securities that are redeemable for cash or other assets
to be classified outside of permanent equity to the extent that the redemption
is at a fixed or determinable price and at the option of the holder or upon the
occurrence of an event that is not solely within the control of the issuer.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is required to meet certain asset
coverage tests with respect to the Cumulative Preferred Stock as required by
the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established
by Moody&#146;s, the Fund is required to maintain a certain discounted asset
coverage. If the Fund fails to meet these requirements and does not correct
such failure, the Fund may be required to redeem, in part or in full, the
Cumulative Preferred Stock at a redemption price of $25.00 per share, plus an
amount equal to the accumulated and unpaid dividends, whether or not declared
on such shares, in order to meet these requirements. Additionally, failure to
meet the foregoing asset coverage requirements could restrict the Fund's
ability to pay dividends to Common Stockholders and could lead to sales of
portfolio securities at inopportune times. The Fund has met these requirements
since issuing the Cumulative Preferred Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Investment Advisory Agreement:</B></font> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As compensation for its services under the Investment Advisory
Agreement, Royce receives a fee comprised of a Basic Fee (&#147;Basic Fee&#148;) and an
adjustment to the Basic Fee based on the investment performance of the Fund in
relation to the investment record of the Russell 2000.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Basic Fee is a monthly fee equal to 1/12 of
1% (1% on an annualized basis) of the average of the Fund&#146;s month-end net
assets applicable to Common Stockholders, plus the liquidation value of
Preferred Stock, for the rolling 36-month period ending with such month (the
&#147;performance period&#148;). The Basic Fee for each month is increased or decreased
at the rate of 1/12 of .05% for each percentage point that the investment
performance of the Fund exceeds, or is exceeded by, the percentage change in
the investment record of the Russell 2000 for the performance period by more
than two percentage points. The performance period for each such month is a
rolling 36-month period ending with such month. The maximum increase or
decrease in the Basic Fee for any month may not exceed 1/12 of .5%.
Accordingly, for each month, the maximum monthly fee rate as adjusted for
performance is 1/12 of 1.5% and is payable if the investment performance of the
Fund exceeds the percentage change in the investment record of the Russell 2000
by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if
the percentage change in the investment record of the Russell 2000 exceeds the
investment performance of the Fund by 12 or more percentage points for the
performance period.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce has voluntarily committed to waive the
portion of its investment advisory fee attributable to an issue of the Fund&#146;s
Preferred Stock for any month in which the Fund&#146;s average annual NAV total
return since issuance of the Preferred Stock fails to exceed the applicable
Preferred Stock's dividend rate.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six rolling 36-month periods ended June
2011, the Fund&#146;s investment performance ranged from 5% to 10% below the
investment performance of the Russell 2000. Accordingly, the net investment
advisory fee consisted of a Basic Fee of $1,517,526 and a net downward
adjustment of $391,985 for the performance of the Fund relative to that of the
Russell 2000. For the six months ended June 30, 2011, the Fund accrued and paid
Royce investment advisory fees totaling $1,125,541. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Purchases and Sales of Investment Securities:</B></font> <BR><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June 30, 2011, the costs of purchases and
proceeds from sales of investment securities, other than short-term securities
and collateral received for securities loaned, amounted to $40,508,082 and
$40,927,150, respectively. </FONT></P>

<P><FONT face=arial SIZE=1 color="#004a8d">46 | 2011
Semiannual Report to Stockholders</FONT></P>

</div>
<br>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman"><a name="rft-poi"></a>Royce Focus
 Trust</FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT SIZE=4 color="#004a8d" face="Times New Roman">June
 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>
<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" 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="10%" 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="10%" 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=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>COMMON
 STOCKS &#150; 101.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Consumer
 Discretionary &#150; 7.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Automobiles - 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Thor Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,884,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Specialty Retail - 5.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Buckle (The)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,124,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>GameStop Corporation Cl. A <SUP><a href="#rmct-poi-1">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>195,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,200,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,324,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total</B></font> <FONT face=arial SIZE=2>(Cost $11,319,256)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,208,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Consumer
 Staples &#150; 5.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Food Products - 4.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cal-Maine Foods</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,397,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Industrias Bachoco ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,169,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sanderson Farms</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,105,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,671,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Personal Products - 1.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Nu Skin Enterprises Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,253,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $7,619,440)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,924,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Energy &#150;
 13.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Energy Equipment &amp;
 Services - 11.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Ensco ADR</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,997,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Helmerich &amp; Payne</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,306,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pason Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,261,393</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Tesco Corporation <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,941,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Trican Well Service</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>220,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,168,956</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unit Corporation <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,046,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,721,349</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d">Oil, Gas &amp; Consumable
 Fuels - 2.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Exxon Mobil</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,069,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $15,043,210)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23,790,349</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Financials
 &#150; 20.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Capital Markets - 14.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rmct-poi-dagger">&#134;</a></SUP>Affiliated
 Managers Group <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,029,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Ashmore Group</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>650,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,154,435</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Franklin Resources</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,908,050</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>INTL FCStone <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,573,650</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Knight Capital Group Cl. A <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,928,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Partners Group Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,769,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Sprott</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,681,839</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>U.S. Global Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>147,849</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,064,513</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Value Partners Group</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,800,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,125,542</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,235,409</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d">Diversified Financial
 Services - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>PICO Holdings <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Insurance - 3.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Berkshire Hathaway Cl. B <SUP><a href="#rmct-poi-1">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,804,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d">Real Estate Management
 &amp; Development - 2.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Kennedy-Wilson Holdings</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>349,170</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,277,333</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $30,888,381)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,766,992</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

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




<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" 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="10%" 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="10%" 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=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Health
 Care &#150; 0.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Biotechnology - 0.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Myriad Genetics <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>70,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,589,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B></FONT> <FONT face=arial SIZE=2>(Cost $1,757,953)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,589,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Industrials
 &#150; 9.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Building Products - 1.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Simpson Manufacturing</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,493,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>WaterFurnace Renewable Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>70,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,611,281</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,104,781</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Construction &amp;
 Engineering - 1.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Jacobs Engineering Group <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,162,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Electrical Equipment - 1.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>GrafTech International <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,027,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Machinery - 3.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Lincoln Electric Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,792,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pfeiffer Vacuum Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,880,873</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Semperit AG Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,992,798</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,666,171</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Road &amp; Rail - 1.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Patriot Transportation Holding <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,013,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B>(Cost $11,294,092)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,973,752</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Information
 Technology &#150; 18.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Computers &amp; Peripherals
 - 4.7%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rmct-poi-dagger">&#134;</a></SUP>SanDisk
 Corporation <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,490,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Western Digital <SUP><a href="#rmct-poi-1">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,820,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8,310,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Semiconductors &amp;
 Semiconductor Equipment - 10.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Aixtron ADR <SUP><a href="#rmct-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,217,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Analog Devices</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>142,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,557,880</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>MKS Instruments</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,227,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B><SUP><a href="#rmct-poi-dagger">&#134;</a></SUP></B><B>Teradyne <SUP><a href="#rmct-poi-1">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>280,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,144,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:12.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rmct-poi-dagger">&#134;</a></SUP>
Veeco Instruments <SUP><a href="#rmct-poi-1">1</a>,<a href="#rmct-poi-2">2</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,420,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18,567,380</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Software - 2.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Microsoft Corporation</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $30,368,842)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,078,180</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d"><B>Materials
 &#150; 25.9%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Chemicals - 4.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Mosaic Company (The)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,063,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rmct-poi-dagger">&#134;</a></SUP>Westlake
 Chemical</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,114,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7,177,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2 color="#004a8d">Metals &amp; Mining - 21.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Alamos Gold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,987,039</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Allied Nevada Gold <SUP><a href="#rmct-poi-1">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,659,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Centamin Egypt <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,413,811</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Endeavour Mining <SUP><a href="#rmct-poi-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,634,662</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fresnillo</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,690,454</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Major Drilling Group International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>220,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,862,772</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:13.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><SUP><a href="#rmct-poi-dagger">&#134;</a></SUP>Newmont
 Mining</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,238,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Nucor Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,061,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Pan American Silver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>118,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,660,465</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>


</div>
<br clear="all">
<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="65%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>47</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce Focus
 Trust</FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P align="right"><FONT SIZE=4 color="#004a8d" face="Times New Roman">June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Schedule of Investments</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>
<div style="height:500px; margin-right:10%">


<table BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">


 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>Materials (continued)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d">Metals &amp; Mining (continued)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Reliance Steel &amp; Aluminum</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,723,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Schnitzer Steel Industries Cl. A</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,320,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2><B>Seabridge Gold <SUP><a href="#rmct-poi-1">1</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,513,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>38,764,953</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>Total </B></FONT><FONT face=arial SIZE=2>(Cost $35,842,053)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>45,942,753</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>TOTAL COMMON STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $144,133,227)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>179,275,076</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>REPURCHASE AGREEMENT &#150; 13.6%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM nowrap>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Fixed Income Clearing Corp.,<BR> 0.01% dated 6/30/11, due 7/1/11,<BR>
maturity value $24,148,007 (collateralized<BR> by obligations of various U.S. Government<BR> Agencies, 0.45% due 7/1/11, valued at $24,751,725)<br>
(Cost $24,148,000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,148,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 1.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Money Market Funds</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Federated Government Obligations Fund<BR>
(7 day yield-0.009864%) <br>
(Cost $1,689,546)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,689,546</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>TOTAL INVESTMENTS &#150; 115.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>(Cost $169,970,773)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>205,112,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>LIABILITIES LESS CASH</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>AND OTHER ASSETS &#150; (1.7)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3,050,367</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>PREFERRED STOCK &#150; (14.1)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(25,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS &#150; 100.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2><B>177,062,255</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&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>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

 </TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:solid BLACK 2PX">&nbsp;

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


</div>
<br clear="all">
<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-poi-dagger"></a>&#134;</SUP>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>New
 additions in 2011.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-poi-1"></a>1</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Non-income
 producing.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-poi-2"></a>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>All
 or a portion of these securities were on loan at June 30, 2011. Total market
 value of loaned securities at June 30, 2011, was $1,678,953.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>Bold indicates the Fund's 20 largest equity holdings in
 terms of June 30, 2011, market value.</B></FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>TAX INFORMATION: </B>The cost of total investments for Federal income tax purposes was
 $169,970,773. At June 30, 2011, net unrealized appreciation for all
 securities was $35,141,849, consisting of aggregate gross unrealized
 appreciation of $42,826,537 and aggregate gross unrealized depreciation of
 $7,684,688.</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">48 <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>2011 Semiannual Report to
 Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d"><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="57%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce Focus
 Trust</FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT SIZE=4 color="#004a8d" face="Times New Roman">June
 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Assets and Liabilities</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>ASSETS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total investments at value (including collateral on loaned securities)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>180,964,622</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Repurchase agreements (at cost and value)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24,148,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cash and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Receivable for investments sold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,788,452</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Receivable for dividends and interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>138,684</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Prepaid expenses and other assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>27,960</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Assets</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>207,067,754</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>LIABILITIES:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Payable for collateral on loaned securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,689,546</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Payable for investments purchased</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,053,033</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Payable for investment advisory fee</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>161,674</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preferred dividends accrued but not yet declared</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>33,324</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Accrued expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>67,922</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Liabilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5,005,499</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>PREFERRED STOCK:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>6.00% Cumulative Preferred Stock - $0.001 par value, $25 liquidation
 value per share; 1,000,000 shares outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total Preferred Stock</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>177,062,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>ANALYSIS OF NET ASSETS APPLICABLE TO COMMON
 STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common Stock paid-in capital - $0.001 par value per share; 20,073,105
 shares outstanding (150,000,000 shares authorized)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>131,248,399</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Undistributed net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,108,707</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Accumulated net realized gain (loss) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16,327,378</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net unrealized appreciation (depreciation) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>35,146,908</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated and accrued distributions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(4,551,723</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net Assets applicable to Common Stockholders (net asset value per
 share - $8.82)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>177,062,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments at identified cost (including $1,689,546 of collateral on
 loaned securities)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>145,822,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Market value of loaned securities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,678,953</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>49</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce Focus
 Trust</FONT></P>
 </TD>
 <TD VALIGN=bottom>
 <P ALIGN=RIGHT><FONT SIZE=4 color="#004a8d" face="Times New Roman">Six
 Months Ended June 30, 2011 (unaudited)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Operations</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="84%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>INVESTMENT INCOME:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Income:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Dividends<SUP><a href="#rmct-page50">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,294,819</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Interest</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3,702</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Securities lending</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>73,795</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,372,316</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Expenses:</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investment advisory fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,011,068</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Stockholder reports</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36,057</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Custody and transfer agent fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,143</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Professional fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>20,424</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Directors' fees</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Administrative and office facilities</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>34,208</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>Total expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,162,475</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Compensating balance credits</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,162,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>209,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef" STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
 AND FOREIGN CURRENCY:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain (loss):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,532,593</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Foreign currency transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(19,712</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net change in unrealized appreciation (depreciation):</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investments and foreign currency translations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(8,805,394</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other assets and liabilities denominated in foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,408</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized and unrealized gain (loss) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,709,895</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT
 OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,919,739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=5 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<BR>
FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,169,739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="58%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rmct-page50"></a>1</SUP> Net of foreign withholding tax of $103,150.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">50 <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>2011 Semiannual Report to
 Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d"><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce Focus
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Statement of Changes in Net Assets Applicable to Common
 Stockholders</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Six months ended<BR>
 6/30/11<BR>
 (unaudited)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Year ended</B><BR>
 <B>12/31/10</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>INVESTMENT OPERATIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>209,844</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(214,447</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain (loss) on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>15,512,881</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>13,893,721</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net change in unrealized appreciation (depreciation) on investments
 and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(8,802,986</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>18,614,471</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net increase (decrease) in net assets from investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,919,739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>32,293,745</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(941,621</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(558,379</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rmct-page51">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Preferred Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(750,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1,500,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON
 STOCKHOLDERS<BR>
FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6,169,739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,793,745</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rmct-page51">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3,768,391</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3,768,391</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Reinvestment of distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,370,134</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total capital stock transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2,370,134</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4,771,482</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30,793,745</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Beginning of period</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>172,290,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>141,497,028</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=8 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>End of period (including undistributed net investment income (loss) of
 $(1,108,707) at 6/30/11 and $(1,318,551) at 12/31/10)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>177,062,255</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>172,290,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2><SUP><a name="rmct-page51"></a>1 </SUP>To
 be allocated to net investment income, net realized gains and/or return of
 capital at year end.</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
 Semiannual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>51</FONT></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d" face="Times New Roman">Royce Focus
 Trust</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Financial Highlights</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<P ALIGN=JUSTIFY style="margin-right:10%"><FONT face=arial SIZE=2>This
table is presented to show selected data for a share of Common Stock
outstanding throughout each period, and to assist stockholders in evaluating
the Fund's performance for the periods presented. </FONT></P>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="24%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="7%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Six months ended<BR>
 June 30, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=13 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Years ended December 31</B>,</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD COLSPAN=15 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B> (unaudited)</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2 color="#004a8d"><B>2010</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2 color="#004a8d"><B>2009</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2 color="#004a8d"><B>2008</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2 color="#004a8d"><B>2007</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=right><FONT face=arial SIZE=2 color="#004a8d"><B>2006</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET ASSET VALUE, BEGINNING OF PERIOD</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.72</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4.76</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.76</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>INVESTMENT OPERATIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized and unrealized gain (loss) on investments and foreign
 currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.65</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.54</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3.67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.12</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:25.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total investment operations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.35</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.64</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.57</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.27</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.66</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rmct-p52-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Preferred Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.04</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.08</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON
STOCKHOLDERS FROM INVESTMENT OPERATIONS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>2.49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(3.68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.07</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.44</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net realized gain on investments and foreign currency</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.57</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Return of capital</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Unallocated distributions<SUP><a href="#rmct-p52-1">1</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total distributions to Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.19</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.47</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(2.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(1.57</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Effect of reinvestment of distributions by Common Stockholders</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total capital stock transactions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.01</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>NET ASSET VALUE, END OF PERIOD</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.72</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4.76</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>9.75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>MARKET VALUE, END OF PERIOD</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.79</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>7.57</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>6.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>4.60</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>8.97</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>10.68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX" bgcolor="#dbe1ef">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>TOTAL RETURN:<SUP><a href="#rmct-p52-2">2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Market Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>5.51</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<sup><a href="#rmct-p52-3">3</a></sup></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>19.59</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>40.84</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(44.94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.02</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30.50</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net Asset Value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>3.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<sup><a href="#rmct-p52-3">3</a></sup></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>21.79</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>53.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(42.71</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>12.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>16.33</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total expenses<SUP><a href="#rmct-p52-4">4</a>,<a href="#rmct-p52-5">5</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.31</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<sup><a href="#rmct-p52-6">6</a></sup></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.34</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.36</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Investment advisory fee expense</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<sup><a href="#rmct-p52-6">6</a></sup></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.14</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.16</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Other operating expenses</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.17</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<sup><a href="#rmct-p52-6">6</a></sup></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.26</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.20</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net investment income (loss)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.24</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%<sup><a href="#rmct-p52-6">6</a></sup></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>(0.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>)%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>0.72</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.13</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1.54</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>SUPPLEMENTAL DATA:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Net Assets Applicable to Common Stockholders, End of Period (in
 thousands)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>177,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>172,291</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>141,497</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>92,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>165,807</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>158,567</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Liquidation Value of Preferred Stock, End of Period (in thousands)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Portfolio Turnover Rate</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>36</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>46</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>51</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>62</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>%</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2 color="#004a8d"><B>PREFERRED STOCK:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Total shares outstanding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>1,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Asset coverage per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>202.06</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>197.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>166.48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>117.55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>190.81</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>183.57</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Liquidation preference per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.00</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Average month-end market value per share</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>25.38</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>23.56</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>22.89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT face=arial SIZE=2>24.98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;

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



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-p52-1"></a>1</SUP>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>To
 be allocated to net investment income, net realized gains and/or return of
 capital at year end.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-p52-2"></a>2</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The
 Market Value Total Return is calculated assuming a purchase of Common Stock
 on the opening of the first business day and a sale on the closing of the
 last business day of each period reported. Dividends and distributions are
 assumed for the purposes of this calculation to be reinvested at prices
 obtained under the Fund's
 Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total
 Return is calculated on the same basis, except that the Fund's net asset
 value is used on the purchase and sale dates instead of market value.</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-p52-3"></a>3</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Not
 annualized</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-p52-4"></a>4</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Expense
 ratios based on total average net assets including liquidation value of
 Preferred Stock were 1.15% 1.17%, 1.16%, 1.14%, 1.15% and 1.17% for the
 periods ended June 30, 2011, and December 31, 2010, 2009, 2008, 2007 and
 2006, respectively.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-p52-5"></a>5</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Expense
 ratios based on average net assets applicable to Common Stockholders before
 waiver of fees by the investment adviser would have been 1.48% and 1.39% for
 the years ended December 31, 2009 and 2008, respectively; before waiver of
 fees and after earnings credits would have been 1.31%, 1.37%, 1.48%, 1.39%,
 1.31% and 1.36% for the periods ended June 30, 2011, and December 31, 2010,
 2009, 2008, 2007 and 2006, respectively.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2><SUP><a name="rmct-p52-6"></a>6</SUP></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Annualized</FONT></P>
 </TD>
 </TR>
</TABLE>



<br>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">52 <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>2011 Semiannual Report to
 Stockholders</FONT></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>




<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5" face="Times New Roman">Royce Focus Trust</font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM style="border-bottom:solid #004a8d 2px">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE="1">&nbsp;</font></P>
 </TD>
 </TR>
  <TR>
 <TD bgcolor="#dbe1ef" WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>


<div style="width:90%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=3><B>Summary of Significant Accounting Policies:
</B></FONT><BR><FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
Focus Trust, Inc. (the &#147;Fund&#148;), is a diversified closed-end investment company
incorporated under the laws of the State of Maryland. The Fund commenced
operations on March 2, 1988, and Royce &amp; Associates, LLC (&#147;Royce&#148;) assumed
investment management responsibility for the Fund on November 1, 1996.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in
conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and the disclosure of contingent
assets and liabilities at the date of the financial statements and the reported
amounts of income and expenses during the reporting period. Actual results
could differ from those estimates.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fund&#146;s organizational documents, the
officers and directors are indemnified against certain liabilities that may
arise out of the performance of their duties to the Fund. Additionally, in the
normal course of business, the Fund enters into contracts with service
providers that contain general indemnification clauses. The Fund&#146;s maximum
exposure under these arrangements is unknown as this would involve future
claims that may be made against the Fund that have not yet occurred. However,
based on experience, the Fund expects the risk of loss to be remote.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June 30, 2011, officers, employees of Royce,
Fund directors, the Royce retirement plans and other affiliates owned 24% of
the Fund. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Valuation of Investments:</B></FONT> <BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="margin-top:-12pt; margin-bottom: -1pt; margin-left: 35px; text-indent: -39px;" align="justify"><FONT face=arial SIZE=2 color="black">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 WIDTH="90%">
 <TR>
 <TD WIDTH="8%" VALIGN=TOP>
 <P style="margin-top:-6pt"><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Level&nbsp;</FONT></P></TD>
 <TD WIDTH="91%" VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>1 &#150; quoted prices in active markets for identical securities.</font></P>
 </TD>
 </TR>
  <TR>
  <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">Level</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">2&nbsp;&#150;&nbsp;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. Any Level 2 securities with values based on
quoted prices for similar securities would be noted in the Schedule of
Investments.</font></P>
 </TD>
 </TR>
  <TR>
  <TD VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">Level</font></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><font face="arial" size="2">3 &#150; significant unobservable inputs (including the Fund&#146;s
own assumptions in determining the fair value of investments).</font></P>
 </TD>
 </TR>
 </TABLE>


<P ALIGN=JUSTIFY style="margin-right:0pt; margin-top:0pt"><FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The inputs or
methodology used for valuing securities are not necessarily an indication of
the risk associated with investing in those securities.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the inputs used to value the Fund&#146;s investments as of June 30, 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="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=148 VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH=151 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=148 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=129 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH=144 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD WIDTH=148 VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH=151 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 1</B></font></P>
 </TD>
 <TD WIDTH=148 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 2</B></font></P>
 </TD>
 <TD WIDTH=129 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 3</B></font></P>
 </TD>
 <TD WIDTH=144 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Total</B></font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>Common stocks</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>$141,039,341</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>$38,235,735</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>$179,275,076</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>Cash equivalents</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,689,546</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;&nbsp;24,148,000</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;25,837,546</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

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



<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Repurchase Agreements:</B></FONT> <BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>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 face=arial color="#004a8d" SIZE=2><B>Foreign Currency:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized foreign exchange gains or losses arise from sales and
maturities of short-term securities, sales of foreign currencies, expiration of
currency forward contracts, currency gains or losses realized between the trade
and settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund&#146;s books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, including investments in securities at the
end of the reporting period, as a result of changes in foreign currency
exchange rates.</FONT></P>
<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Semiannual Report to Stockholders | 53</font> </P>
</div>
<br clear="all">


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5" face="Times New Roman">Royce Focus Trust</font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=1>

 </TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE="1">&nbsp;</font></P>
 </TD>
 </TR>
  <TR>
 <TD bgcolor="#dbe1ef" WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited)
 (continued)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="width:90%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Securities Lending: </B></FONT><br>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 face=arial color="#004a8d" SIZE=2><B>Taxes:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a qualified regulated investment company under Subchapter M of the
Internal Revenue Code, the Fund is not subject to income taxes to the extent
that it distributes substantially all of its taxable income for its fiscal
year. The Schedule of Investments includes information regarding income taxes
under the caption &#147;Tax Information&#148;. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Distributions:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing March 2011, the Fund pays quarterly distributions on the
Fund&#146;s Common Stock at the annual rate of 5% of the rolling average of the
prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock, with the
fourth quarter distribution being the greater of 1.25% of the rolling average
or the distribution required by IRS regulations. Distributions to Preferred
Stockholders are accrued daily and paid quarterly and distributions to Common
Stockholders are recorded on ex-dividend date. Distributable capital gains
and/or net investment income are first allocated to Preferred Stockholder distributions,
with any excess allocable to Common Stockholders. If capital gains and/or net
investment income are allocated to both Preferred and Common Stockholders, the
tax character of such allocations is proportional. To the extent that
distributions are not paid from long-term capital gains, net investment income
or net short-term capital gains, they will represent a return of capital.
Distributions are determined in accordance with income tax regulations that may
differ from accounting principles generally accepted in the United States of
America. Permanent book and tax differences relating to stockholder
distributions will result in reclassifications within the capital accounts.
Undistributed net investment income may include temporary book and tax basis differences,
which will reverse in a subsequent period. Any taxable income or gain remaining
undistributed at fiscal year end is distributed in the following year. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Investment Transactions and Related Investment Income:</B></FONT> <BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Investment transactions are accounted for on the trade date. Dividend
income is recorded on the ex-dividend date. Non-cash dividend income is
recorded at the fair market value of the securities received. Interest income
is recorded on an accrual basis. Premium and discounts on debt securities are
amortized using the effective yield-to-maturity method. Realized gains and
losses from investment transactions are determined on the basis of identified
cost for book and tax purposes. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Expenses:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Fund incurs direct and indirect expenses. Expenses directly
attributable to the Fund are charged to the Fund&#146;s operations, while expenses
applicable to more than one of the Royce Funds are allocated equitably. Certain
personnel, occupancy costs and other administrative expenses related to The Royce
Funds are allocated by Royce under an administration agreement and are included
in administrative and office facilities and professional fees. The Fund has
adopted a deferred fee agreement that allows the Directors to defer the receipt
of all or a portion of directors&#146; fees otherwise payable. The deferred fees are
invested in certain Royce Funds until distributed in accordance with the
agreement. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Compensating Balance Credits:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has an arrangement with its custodian bank, whereby a portion of
the custodian&#146;s fee is paid indirectly by credits earned on the Fund&#146;s cash on
deposit with the bank. This deposit arrangement is an alternative to purchasing
overnight investments. Conversely, the Fund pays interest to the custodian on
any cash overdrafts, to the extent they are not offset by credits earned on
positive cash balances. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Capital Stock:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund issued 314,042 shares of Common Stock as reinvestment of
distributions by Common Stockholders for the six months ended June 30, 2011.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At June 30, 2011, 1,000,000 shares of 6.00%
Cumulative Preferred Stock were outstanding. The Fund, at its option, may
redeem the Cumulative Preferred Stock, in whole or in part, at the redemption
price. The Cumulative Preferred Stock is classified outside of permanent equity
(net assets applicable to Common Stockholders) in the accompanying financial
statements in accordance with accounting for redeemable equity instruments,
that requires preferred securities that are redeemable for cash or other assets
to be classified outside of permanent equity to the extent that the redemption
is at a fixed or determinable price and at the option of the holder or upon the
occurrence of an event that is not solely within the control of the issuer.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is required to meet certain asset
coverage tests with respect to the Cumulative Preferred Stock as required by
the 1940 Act. In addition, pursuant to the Rating Agency Guidelines established
by Moody&#146;s, the Fund is required to maintain a certain discounted asset coverage.
If the Fund fails to meet these requirements and does not correct such failure,
the Fund may be required to redeem, in part or in full, the Cumulative
Preferred</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=1>54 | 2011 Semiannual Report to Stockholders</font></p>

</div>
<br clear="all">


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5" face="Times New Roman">Royce Focus Trust</font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE="1">&nbsp;</font></P>
 </TD>
 </TR>
  <TR>
 <TD bgcolor="#dbe1ef" WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT STYLE="font: medium arial; color: #004a8d">&nbsp;&nbsp;&nbsp;<B>Notes to Financial Statements (unaudited)
 (continued)</B></FONT></P>
 </TD>
 </TR>
</TABLE>


<br>

<div style="width:90%">



<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Capital Stock (continued):</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">Stock at a redemption price of $25.00 per share, plus an amount equal to
the accumulated and unpaid dividends, whether or not declared on such shares,
in order to meet these requirements. Additionally, failure to meet the
foregoing asset coverage requirements could restrict the Fund&#146;s ability to pay
dividends to Common Stockholders and could lead to sales of portfolio
securities at inopportune times. The Fund has met these requirements since issuing
the Cumulative Preferred Stock.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Investment Advisory Agreement:</B></FONT><BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Investment Advisory Agreement between Royce and the Fund provides
for fees to be paid at an annual rate of 1.0% of the Fund&#146;s average daily net
assets applicable to Common Stockholders plus the liquidation value of
Preferred Stock. Royce has voluntarily committed to waive the portion of its
investment advisory fee attributable to an issue of the Fund&#146;s Preferred Stock
for any month in which the Fund&#146;s average annual NAV total return since
issuance of the Preferred Stock fails to exceed the applicable Preferred
Stock&#146;s dividend rate. For the six months ended June 30, 2011, the Fund accrued
and paid Royce investment advisory fees totaling $1,011,068. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Purchases and Sales of Investment Securities:</B></FONT> <BR>
<FONT face=arial SIZE=2 color="black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended June 30, 2011, the costs of purchases and
proceeds from sales of investment securities, other than short-term securities
and collateral received for securities loaned, amounted to $39,357,009 and
$42,403,191, respectively. </FONT></P>

<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Semiannual Report to Stockholders | 55</font></P>

</div>
<br clear="all">



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<table BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5" face="Times New Roman"><a name="directors"></a>Directors and Officers</font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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





<P align=justify><FONT face=arial color="#C3CE22" SIZE=2><B>All Directors and Officers may be reached c/o The Royce
Funds, 745 Fifth Avenue, New York, NY 10151</B></FONT></P>

<div style="width:90%">
<div style="position:relative; float:left; width:47%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Charles M. Royce, Trustee<sup><a href="#p56-1">1</a></sup>,
President</FONT><BR>
<FONT face=arial SIZE=2>Age: 71<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 35<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1982<BR>
Non-Royce Directorships: Director of TICC Capital Corp.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: President,<BR>
Co-Chief Investment Officer and Member of Board of Managers of Royce &amp;
Associates, LLC (&#147;Royce&#148;), the Trust&#146;s investment adviser.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Mark R. Fetting, Trustee<SUP><a href="#p56-1">1</a></SUP></FONT><BR>
<FONT face=arial SIZE=2>Age: 56<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 51<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 2001<BR>
Non-Royce Directorships: Director of Legg Mason,
Inc. and Director/Trustee of registered investment companies constituting the 16 Legg Mason Funds.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past 5 Years: President, CEO, Chairman and Director of Legg Mason, Inc. and Chairman of Legg Mason Funds. Mr. Fetting&#146;s prior
business experience includes having served as a member of the Board of Managers of
Royce; President of all Legg Mason Funds; Senior Executive Vice President of Legg
Mason, Inc.; Director and/or officer of various Legg Mason, Inc. affiliates; Division
President and Senior Officer of Prudential Financial Group, Inc. and related companies.</FONT></P>

<hr color="#C3CE22" size=1>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Patricia W. Chadwick, Trustee</FONT><BR>
<FONT face=arial SIZE=2>Age: 62<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 35<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 2009<BR>
Non-Royce Directorships: Trustee of ING Mutual Funds and Director of Wisconsin Energy Corp.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past 5 Years: Consultant and President of Ravengate Partners LLC (since 2000).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Richard M. Galkin, Trustee</FONT><br>
<FONT face=arial SIZE=2>Age: 73<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 35<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1982 <BR>
Non-Royce Directorships: None</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Private investor. Mr. Galkin&#146;s prior business experience includes having served as President of Richard M. Galkin
Associates, Inc., telecommunications consultants, President of Manhattan Cable Television (a subsidiary of Time, Inc.), President of Haverhills Inc. (another
Time, Inc. subsidiary), President of Rhode Island Cable Television and Senior
Vice President of Satellite Television Corp. (a subsidiary of Comsat).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Stephen L. Isaacs, Trustee</FONT><BR>
<FONT face=arial SIZE=2>Age: 71<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 35<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1989 <BR>
Non-Royce Directorships: None</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: President of The Center for Health and Social Policy (since September 1996); Attorney and President of Health
Policy Associates, Inc., consultants. Mr. Isaacs&#146;s prior business experience includes
having served as Director of Columbia University Development Law and Policy Program
and Professor at Columbia University (until August 1996).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Arthur S. Mehlman, Trustee</FONT><br>
<FONT face=arial SIZE=2>Age: 69<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 51<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 2004<BR>
Non-Royce Directorships: Director/Trustee of registered investment companies
constituting the 16 Legg Mason Funds.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Director of The League for
People with Disabilities, Inc.; Director of University of Maryland Foundation
(non-profits). Formerly: Director of Municipal Mortgage &amp; Equity, LLC (from
October
2004 to April 1, 2011); Director of University of Maryland College Park
Foundation
(non-profit) (from 1998 to 2005); Partner, KPMG LLP (international accounting
firm) (from 1972 to 2002); Director of Maryland Business Roundtable for Education
(from July 1984 to June 2002).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>David L. Meister, Trustee</FONT><br>
<FONT face=arial SIZE=2>Age: 71<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 35<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1982 <BR>
Non-Royce Directorships: None</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Consultant. Chairman and Chief
Executive Officer of The Tennis Channel (from June 2000 to March 2005). Mr.
Meister&#146;s prior business experience includes having served as Chief Executive
Officer of Seniorlife.com, a consultant to the communications industry,
President of
Financial News Network, Senior Vice President of HBO, President of Time-Life
Films
and Head of Broadcasting for Major League Baseball.</FONT></P>

</div>
<div style="position:relative; float:right; width:47%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>G. Peter O&#146;Brien, Trustee</FONT><BR>
<FONT face=arial SIZE=2>Age: 65<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Number of Funds
Overseen: 51<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 2001<BR>
Non-Royce Directorships: Director/Trustee of registered investment companies
constituting the 16 Legg Mason Funds; Director of TICC Capital Corp.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Trustee Emeritus of Colgate University
(since 2005); Board Member of Hill House, Inc. (since 1999); Formerly: Trustee
of
Colgate University (from 1996 to 2005), President of Hill House, Inc. (from
2001 to
2005) and Managing Director/Equity Capital Markets Group of Merrill Lynch &amp;
Co.
(from 1971 to 1999).</FONT></P>

<hr color="#C3CE22" size=1>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>John D. Diederich, Vice
President and Treasurer</FONT><br>
<FONT face=arial SIZE=2>Age: 59<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 2001</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Chief Operating Officer, Managing
Director and member of the Board of Managers of Royce; Chief Financial Officer
of
Royce; Director of Administration of the Trust; and President of RFS, having
been
employed by Royce since April 1993.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Jack E. Fockler, Jr., Vice
President</FONT><br>
<FONT face=arial SIZE=2>Age: 52<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1995</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Managing Director and Vice President of Royce, and Vice President of RFS, having been employed
by Royce since
October 1989.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>W. Whitney George, Vice
President</FONT><br>
<FONT face=arial SIZE=2>Age: 53<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1995</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Co-Chief Investment Officer, Managing Director and Vice President of Royce, having been employed by Royce
since October 1991.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Daniel A. O&#146;Byrne, Vice
President and Assistant Secretary</FONT><br>
<FONT face=arial SIZE=2>Age: 49<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 1994</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Principal and Vice President of Royce, having been
employed by Royce since October 1986.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>John E. Denneen, Secretary
and Chief Legal Officer</FONT><br>
<FONT face=arial SIZE=2>Age: 44<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: 1996-2001
and Since April 2002</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: General Counsel, Principal, Chief Legal and Compliance
Officer and Secretary of Royce; Secretary and Chief Legal Officer of <I>The Royce Funds</I>.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Lisa Curcio, Chief Compliance
Officer</FONT><br>
<FONT face=arial SIZE=2>Age: 51<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="black">Tenure: Since 2004</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Chief Compliance Officer of The Royce Funds (since
October 2004) and Compliance Officer of Royce (since June 2004).</FONT></P>

<hr color="#004a8d" size=1>

<P align=justify><FONT face=arial SIZE=2><sup><a name="p56-1">1</a></sup> Interested Trustee.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Trustees will hold office
until their successors have been duly elected and qualified or until their earlier resignation or removal. The
Statement of Additional Information, which contains additional information
about the Trust&#146;s trustees and officers, is available and can be obtained without
charge at <B>www.roycefunds.com</B> or by
calling (800) 221-4268.</FONT></P>
</div>
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<tr>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=1>56<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="#004a8d">The Royce Funds 2011
 Semiannual Report to Stockholders</font></P>
 </TD>
 </TR>
</TABLE>



<BR>

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 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5" face="Times New Roman"><a name="notes"></a>Notes to Performance and
 Other Important Information</font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
 </TR>
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<br>

<div style="width:90%">

<div style="position:relative; float:left; width:47%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The
thoughts expressed in this <I>Review and Report</I>
concerning recent market movements and future prospects for small company
stocks are solely the opinion of Royce at June 30, 2011, and, of course,
historical market trends are not necessarily indicative of future market
movements. Statements regarding the future prospects for particular securities
held in the Funds&#146; portfolios and Royce&#146;s investment intentions with respect to
those securities reflect Royce&#146;s opinions as of June 30, 2011 and are subject
to change at any time without notice. There can be no assurance that securities
mentioned in this <I>Review and Report</I>
will be included in any Royce-managed portfolio in the future. Investments in
securities of micro-cap, small-cap and/or mid-cap companies may involve
considerably more risk than investments in securities of larger-cap companies.
All publicly released material information is always disclosed by the Funds on
the website at www.roycefunds.com.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector
weightings are determined using the Global Industry Classification Standard
(&#147;GICS&#148;). GICS was developed by, and is the exclusive property of, Standard
&amp; Poor&#146;s Financial Services LLC (&#147;S&amp;P&#148;) and MSCI Inc. (&#147;MSCI&#148;). GICS is
the trademark of S&amp;P and MSCI. &#147;Global Industry Classification Standard
(GICS)&#148; and &#147;GICS Direct&#148; are service marks of S&amp;P and MSCI.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All indexes referred to are unmanaged and
capitalization weighted. Each index&#146;s returns include net reinvested dividends
and/or interest income. Russell Investment Group is the source and owner of the
trademarks, service marks and copyrights related to the Russell Indexes.
Russell<sup>&reg;</sup> is a trademark of Russell Investment Group. The Russell 2000 Index is
an index of domestic small-cap stocks. It measures the performance of the 2,000
smallest publicly traded U.S. companies in the Russell 3000 Index. The Russell
2000 Value and Growth Indexes consist of the respective value and growth stocks
within the Russell 2000 as determined by Russell Investments. The Russell
Microcap Index includes 1,000 of the smallest securities in the Russell 2000
Index. The Russell Midcap Index measures the performance of the mid-cap segment
of the U.S. equity universe. It includes approximately 800 of the smallest
securities in the Russell 1000 Index. The Russell Global ex-U.S. Large Cap
Index is an index of global large-cap stocks, excluding the United States. The
Russell Global ex-U.S. Small Cap Index is an index of global small-cap stocks,
excluding the United States. The S&amp;P 500 and SmallCap 600 are indexes of
U.S. large- and small-cap stocks, respectively, selected by Standard &amp; Poor&#146;s
based on market size, liquidity and industry grouping, among other factors. The
Nasdaq Composite is an index of the more than 3,000 common equities listed on
the Nasdaq stock exchange. Returns for the market indexes used in this report
were based on information supplied to Royce by Russell Investments. Royce has
not independently verified the above described information. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=3>Forward-Looking Statements</FONT><br>
<FONT face=arial SIZE=2>This material contains
forward-looking statements within the meaning of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), that involve risks and uncertainties,
including, among others, statements as to: </FONT></P>

</div>

<div style="position:relative; float:right; width:47%">



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 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
<P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the Funds&#146; future operating
 results</font></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the prospects of the Funds&#146;
 portfolio companies</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the impact of investments
 that the Funds have made or may make </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the dependence of the
 Funds&#146; future success on the general economy and its impact on the companies and industries in which the Funds
 invest, and</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the ability of the Funds&#146;
 portfolio companies to achieve their objectives. </FONT></P>
 </TD>
 </TR>
</TABLE>



<P align=justify style="margin-top:0pt"><FONT face=arial SIZE=2>This <I>Review and Report</I> uses words such as
&#147;anticipates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;future,&#148; &#147;intends,&#148; and similar
expressions to identify forward-looking statements. Actual results may differ
materially from those projected in the forward-looking statements for any
reason.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Royce Funds have based the forward-looking
statements included in this <I>Review and
Report</I> on information available to us on the date of the report, and
we assume no obligation to update any such forward-looking statements. Although
The Royce Funds undertake no obligation to revise or update any forward-looking
statements, whether as a result of new information, future events or otherwise,
you are advised to consult any additional disclosures that we may make through
future stockholder communications or reports.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=3>Authorized Share Transactions</FONT><BR>
<FONT face=arial SIZE="2">Royce Value Trust, Royce
Micro-Cap Trust and Royce Focus Trust may each repurchase up to 5% of the
issued and outstanding shares of its respective common stock and up to 10% of
the issued and outstanding shares of its respective preferred stock during the
year ending December 31, 2011. Any such repurchases would take place at then
prevailing prices in the open market or in other transactions. Common stock
repurchases would be effected at a price per share that is less than the share&#146;s
then current net asset value, and preferred stock repurchases would be effected
at a price per share that is less than the share&#146;s liquidation value.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
Value Trust, Royce Micro-Cap Trust and Royce Focus Trust are also authorized to
offer their common stockholders an opportunity to subscribe for additional
shares of their common stock through rights offerings at a price per share that
may be less than the share&#146;s then current net asset value. The timing and terms
of any such offerings are within each Board&#146;s discretion.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=3>Annual Certifications</FONT><br>
<FONT face=arial SIZE="2">As required, the Funds
have submitted to the New York Stock Exchange (&#147;NYSE&#148;) for Royce Value Trust
and Royce Micro-Cap Trust and to Nasdaq for Royce Focus Trust, respectively,
the annual certification of the Funds&#146; Chief Executive Officer that he is not
aware of any violation of the NYSE&#146;s or Nasdaq&#146;s Corporate Governance listing
standards. The Funds also have included the certification of the Funds&#146; Chief
Executive Officer and Chief Financial Officer required by section 302 of the
Sarbanes-Oxley Act of 2002 as exhibits to the Funds&#146; form N-CSR for the period
ended December 31, 2010, filed with the Securities and Exchange Commission.</FONT></P>

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</tr>
<tr bgcolor="#f4f6df">
<td>
 <P ALIGN=justify style="margin-left:2%; margin-right:2%"><FONT face=arial color="#004a8d" SIZE=3>Proxy Voting</FONT><br>
<FONT face=arial SIZE=2>A copy of the policies and
procedures that The Royce Funds use to determine how to vote proxies relating
to portfolio securities and information regarding how each of The Royce Funds
voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30 is available, without charge, on The Royce Funds&#146; website
at www.roycefunds.com, by calling (800) 221-4268 (toll-free) and on the website
of the Securities and Exchange Commission (&#147;SEC&#148;), at www.sec.gov.</FONT><br>
<br>
<FONT face=arial color="#004a8d" SIZE=3>Form N-Q Filing</FONT><br>
<FONT face=arial SIZE=2>The Funds file their
complete schedules of investments with the SEC for the first and third quarters
of each fiscal year on Form N-Q. The Funds&#146; Forms N-Q are available on the
SEC&#146;s website at www.sec.gov. The Royce Funds&#146; holdings are also on the Funds&#146;
website approximately 15 to 20 days after each calendar quarter end and remain
available until the next quarter&#146;s holdings are posted. The Funds&#146; Forms N-Q
may also be reviewed and copied at the SEC&#146;s Public Reference Room in
Washington, D.C. To find out more about this public service, call the SEC at
(800) 732-0330. The Funds&#146; complete schedules of investments are updated
quarterly, and are available at www.roycefunds.com.</FONT></P>
 </TD>
 </TR>
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</div>
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 <P ALIGN=RIGHT><FONT face=arial SIZE="1">&nbsp;</font></P>
 </TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>The
 Royce Funds 2011 Semiannual Report to Stockholders<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="#004a8d">57</font></P>
 </TD>
 </TR>
</TABLE>



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  <TR>
 <TD WIDTH="100%" VALIGN=TOP >
 <P align=justify><FONT color="#004a8d" SIZE="5" face="Times New Roman"><a name="board"></a>Board
 Approval of Investment Advisory Agreements</font></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

 </TD>
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<br>


<div style="width:90%">
<div style="position:relative; float:left; width:47%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>At
meetings held on June 1-2, 2011, each of the Funds&#146; respective Boards of
Directors, including all of the non-interested directors, approved the
continuance of the Investment Advisory Agreements between Royce &amp;
Associates, LLC (&#147;R&amp;A&#148;) and each of Royce Value Trust, Royce Micro-Cap
Trust and Royce Focus Trust (the &#147;Funds&#148;). In reaching these decisions, the
Board reviewed the materials provided by R&amp;A, which included, among other
things, information prepared internally by R&amp;A and independently by
Morningstar Associates, LLC (&#147;Morningstar&#148;) containing detailed expense ratio
and investment performance comparisons for the Funds with other funds in their
&#147;peer group,&#148; information regarding the past performance of Funds managed by
R&amp;A and a memorandum outlining the legal duties of the Board prepared by
independent counsel to the non-interested directors. R&amp;A also provided the
directors with an analysis of its profitability with respect to providing
investment advisory services to each of the Funds. In addition, the Board took
into account information furnished throughout the year at regular Board
meetings, including reports on investment performance, stockholder services,
regulatory compliance, brokerage commissions and research, and brokerage and
execution products and services provided to the Funds. The Board also
considered other matters they deemed important to the approval process such as
allocation of Fund brokerage commissions and other direct and indirect benefits
to R&amp;A and its affiliates, from their relationship with the Funds. The directors
also met throughout the year with investment advisory personnel from R&amp;A.
The Board, in its deliberations, recognized that, for many of the Funds&#146;
stockholders, the decision to purchase Fund shares included a decision to
select R&amp;A as the investment adviser and that there was a strong
association in the minds of Fund stockholders between R&amp;A and each Fund. In
considering factors relating to the approval of the continuance of the
Investment Advisory Agreements, the non-interested directors received assistance
and advice from, and met separately with, their independent counsel. While the
Investment Advisory Agreements were considered at the same Board meetings, the
Board dealt with each agreement separately. Among other factors, the directors
considered the following:<BR>

<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature, extent and quality
of services provided by R&amp;A:</I> The Board considered the following factors to be of fundamental
importance to their consideration of whether to approve the continuance of the
Funds&#146; Investment Advisory Agreements: (i) R&amp;A&#146;s more than 35 years of
value investing experience and track record; (ii) the history of long-tenured
R&amp;A portfolio managers managing the Funds; (iii) R&amp;A&#146;s focus on
mid-cap, small-cap and micro-cap value investing; (iv) the consistency of
R&amp;A&#146;s approach to managing both the Funds and open-end mutual funds over
more than 35 years; (v) the integrity and high ethical standards adhered to at
R&amp;A; (vi) R&amp;A&#146;s specialized experience in the area of trading small-
and micro-cap securities; (vii) R&amp;A&#146;s historical ability to attract and
retain portfolio management talent and (viii) R&amp;A&#146;s focus on stockholder
interests as exemplified by its voluntary fee waiver policy on preferred stock
assets in certain circumstances where the Funds&#146; total return performance from
the issuance of the preferred does not exceed the coupon rate on the preferred,
and expansive stockholder reporting and communications. The Board reviewed the
services that R&amp;A provides to the Funds, including, but not limited to,
managing each Fund&#146;s investments in accordance with the stated policies of each
Fund. The Board considered the fact that R&amp;A provided certain
administrative services to the Funds at cost pursuant to the Administration
Agreement between the Funds and R&amp;A which went into effect on January 1,
2008. The Board determined that the services to be provided to each Fund by
R&amp;A would be the same as those it previously provided to the Funds. They
also took into consideration the histories, reputations and backgrounds of
R&amp;A&#146;s portfolio managers for the Funds, finding that these would likely
have an impact on the continued success of the </FONT></P>
</div>

<div style="position:relative; float:right; width:47%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Funds.
Lastly, the Board noted R&amp;A&#146;s ability to attract and retain quality and
experienced personnel. The directors concluded that the investment advisory
services provided by R&amp;A to each Fund compared favorably to services
provided by R&amp;A to other R&amp;A client accounts, including other funds, in
both nature and quality, and that the scope of services provided by R&amp;A
would continue to be suitable for the Funds.<BR>

<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance of the
Funds and R&amp;A: </I>In
light of R&amp;A&#146;s risk-averse approach to investing, the Board believes that
risk-adjusted performance continues to be an appropriate measure of each Fund&#146;s
investment performance. One measure of risk-adjusted performance the Board has
historically used in its review of the Funds&#146; performance is the Sharpe Ratio.
The Sharpe Ratio is a risk-adjusted measure of performance developed by Nobel
Laureate William Sharpe. It is calculated by dividing a fund&#146;s annualized
excess returns by its annualized standard deviation to determine reward per
unit of risk. The higher the Sharpe Ratio, the better a fund&#146;s historical
risk-adjusted performance. The Board attaches primary importance to
risk-adjusted performance over relatively long periods of time, typically three
to ten years. Using Morningstar data, Royce Value Trust&#146;s Sharpe Ratio placed
in the middle quintile within the Small Blend category assigned by Morningstar
for the three-year period and in the second quartile for the five-year and
ten-year periods ended December 31, 2010. As measured against its open-end
peers, Royce Micro-Cap Trust&#146;s Sharpe Ratio placed in the middle quintile for
the three-year period and the second quartile within the Small Blend, Growth
or Value category assigned by Morningstar for the five-year and ten-year
periods ended December 31, 2010. Finally, Royce Focus Trust&#146;s Sharpe Ratio
placed in the top quartile within the Small Growth category assigned by
Morningstar for the three-year, five-year and ten-year periods ended December
31, 2010.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that R&amp;A manages a number of
funds that invest in small-cap and micro-cap issuers, many of which were
outperforming the Russell 2000 Index and their competitors. Although the Board
recognized that past performance is not necessarily an indicator of future
results, they found that R&amp;A had the necessary qualifications, experience
and track record in managing small-cap and micro-cap securities to manage the
Funds. The directors determined that R&amp;A continued to be an appropriate
investment adviser for the Funds and concluded that each Fund&#146;s performance
supported the renewal of its Investment Advisory Agreement.<BR>

<I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of the
services provided and profits realized by R&amp;A from its relationship with
the Funds:</I> The Board considered the cost of the services provided by
R&amp;A and profits realized by R&amp;A from its relationship with each Fund.
As part of the analysis, the Board discussed with R&amp;A its methodology in
allocating its costs to each Fund and concluded that its allocations were
reasonable. The Board concluded that R&amp;A&#146;s profits were reasonable in
relation to the nature and quality of services provided.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The extent to
which economies of scale would be realized as the Funds grow and whether fee
levels would reflect such economies of scale:</I> The Board considered
whether there have been economies of scale in respect of the management of the
Funds, whether the Funds have appropriately benefited from any economies of
scale and whether there is potential for realization of any further economies
of scale. The Board noted the time and effort involved in managing portfolios of
small- and micro-cap stocks and that they did not involve the same efficiencies
as do portfolios of large cap stocks. The Board concluded that the current fee
structure for each Fund was reasonable, and that no changes were currently
necessary.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Comparison of services to be rendered and fees to be
paid to those under other investment advisory contracts, such as contracts of
the same and other investment advisers or other clients:</I> The Board
reviewed the investment </FONT></P>
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 </TD>
 </TR>
<tr>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=1>58<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="#004a8d">The Royce Funds 2011
 Semiannual Report to Stockholders</font></P>
 </TD>
 </TR>
</TABLE>



<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





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 <td width="100%" valign="top">
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 </td>
 <TR STYLE="FONT-SIZE:1PX" >

<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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


<br>


<div style="width:90%">
<div style="position:relative; float:left; width:47%">

<P align=justify><FONT face=arial SIZE=2>advisory fee paid by each
Fund and compared both the services to be rendered and the fees to be paid
under the Investment Advisory Agreements to other contracts of R&amp;A and to
contracts of other investment advisers to registered investment companies
investing in small- and micro-cap stocks, as provided by Morningstar. The Board
noted that, in the case of Royce Value Trust, the Fund had a 1.00% basic fee
that is subject to adjustment up or down (up to 0.50% in either direction)
based on the Fund&#146;s performance versus the S&amp;P 600 SmallCap Index over a
rolling period of sixty months. The fee is charged on average net assets over
that rolling period. As a result, in a rising market, the fee will be smaller
than a fee calculated on the current year&#146;s average net assets, and vice versa.
The Board determined that the performance adjustment feature continued to serve
as an appropriate incentive to R&amp;A to manage the Fund for the benefit of
its long-term common stockholders. The Board noted that R&amp;A had also agreed
to waive its management fee on that portion of the Fund&#146;s assets equal to the
liquidation preference of the Fund&#146;s outstanding preferred stock if the Fund&#146;s
total return from issuance of the preferred on such amount is less than the
preferred&#146;s fixed dividend rate. The Board also noted that the fee arrangement,
which also includes a provision for no fee in periods where the Fund&#146;s trailing
three-year performance is negative, requires R&amp;A to measure the Fund&#146;s
performance monthly against the S&amp;P 600, an unmanaged index. Instead of
receiving a set fee regardless of its performance, R&amp;A is penalized for poor
performance. The Board noted that the Fund&#146;s performance earned R&amp;A no fee
during the period January 1, 2010 through November 30, 2010.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of Royce Micro-Cap Trust, the
directors noted that the Fund had a 1.00% basic fee subject to adjustment up or
down based on the Fund&#146;s performance versus the Russell 2000 Index over a
rolling 36 month period. The fee is charged on average net assets over that
rolling period. As a result, </FONT></P>
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<p align="justify"><FONT face=arial SIZE="2">
in a rising market, the fee will be smaller than a
fee calculated on the current year&#146;s average net assets, and visa versa. The
Board determined that the performance adjustment feature continued to serve as
an incentive to R&amp;A to manage the Fund for the benefit of its long-term
stockholders. The Board also noted R&amp;A&#146;s voluntary waiver of its fee on the
liquidation value of the outstanding preferred stock in circumstances where the
Fund&#146;s total return performance from the issuance of the preferred is less than
the fixed dividend rate on the preferred for each month during the year. The
Board noted that if the Fund&#146;s expense ratio were based on total average net
assets including net assets applicable to Preferred Stock, it would rank in the
second quartile when compared against its Morningstar-assigned open-end peer
group.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
in the case of Royce Focus Trust, the Board noted that R&amp;A had agreed to
waive its management fee on the liquidation value of outstanding preferred
stock if the Fund&#146;s total return from issuance of the preferred is less than
the preferred&#146;s fixed dividend rate. The Board noted that if the Fund&#146;s expense
ratio were based on total average net assets including net assets applicable to
Preferred Stock, it would place within the median of its Morningstar-assigned
open-end peer group.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered fees charged by R&amp;A to
institutional and other clients and noted that, given the greater levels of
services that R&amp;A provides to registered investment companies such as the
Funds as compared to other accounts, the Funds&#146; base advisory fees compared
favorably to the advisory fees charged to those other accounts.<BR>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
entire Board, including all the non-interested directors, approved the renewal
of the existing Investment Advisory Agreements, concluding that a contract
renewal on the existing terms was in the best interest of the stockholders of
each Fund and that each investment advisory fee rate was reasonable in relation
to the services provided.</FONT></P>

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 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>The
 Royce Funds 2011 Semiannual Report to Stockholders<font color="#c3ce22">&#160;&#160;|&#160;&#160;</font><font color="#004a8d">59</font></P>
 </TD>
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 <P align=justify><FONT color="#004a8d" SIZE=5 face="Times New Roman"><a name="quotes"></a>2011: In
 Quotes</FONT></P>
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<TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;

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 <P style="margin-right:2%; margin-left:2%"><FONT face=arial color="#004a8d" SIZE=3>Between 2000
and 2010 China&#146;s demand for oil doubled on a per day basis from 4.5 million
barrels a day to nine million barrels per day. Over the same period of time,
the U.S. is basically unchanged at about 19 million barrels per day. In the
past year and a half, Asia has surpassed North America in demand of oil per
day; a fundamental structural change. </FONT></P>
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<P style="margin-right:12%; margin-left:2%"><FONT face=arial color="#004a8d" SIZE=2>&#150; Robert Rodriguez, First
Pacific Advisors, <I>No-Load Fund Analyst</I>,
June 2011</FONT></P>
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 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>Points
 To Ponder</FONT><br>
<FONT face=arial SIZE=2>Since
 1928, the average bull market has lasted 57 months providing a 164% gain. Our
 current &#147;baby&#148; bull has furnished investors with a 91% price return in a mere
 23 months. The data are similarly as compelling if one looks at the duration of
 economic expansions. Our current recovery has been underway for 20 months
 while the average duration has been 45 months over the last 110 years.</FONT></P>

 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Jason Trennert, <I>Investment Strategy
 Viewpoint</I>, February 4, 2011</FONT></P>
 <P align=justify><FONT face=arial SIZE=2>Usually
 the first third of a bull market is led by stocks bouncing back from getting
 crushed in the prior bear. But the last two-thirds of bulls are usually led
 by high-quality stocks, and particularly ones that weren&#146;t perceived to be
 high quality early on.</FONT></P>

 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Ken Fisher, <I>Forbes</I>, May 9, 2011
 </FONT></P>

 <P align=justify><FONT face=arial SIZE=2>Statisticians
 deal with things that repeat themselves. This housing boom and bust is so
 historic and unprecedented, you can&#146;t forecast the future because you have no
 comparison.</FONT></P>

 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Robert Shiller, Yale University, <I>Bloomberg</I>,
 June 9, 2011</FONT></P>
 <P align=justify><FONT face=arial SIZE=2> The central irony of financial crisis is that
 while it is caused by too much confidence, borrowing and lending, and
 spending, it is resolved only by increases in confidence, borrowing and
 lending, and spending.</FONT></P>

 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Larry Summers, <I>CNN Money</I>, June 13, 2011</FONT></P>
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 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>In
 Absolute Agreement</FONT><br>
<FONT face=arial SIZE=2>The
 saving grace is that, although value is a weak force in any single year, it
 becomes a monster over several years. Like gravity, it slowly wears down the
 opposition.</FONT></P>

  <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Jeremy Grantham, <I>GMO Quarterly Letter</I>,
 January 2011</FONT></P>
 <P align=justify><FONT face=arial SIZE=2>During
 the dot-com bubble, you met lots of people with tech stocks. Taxi drivers
 told you what dot-coms they owned. During the housing bubble you met normal,
 ordinary people who were trading up to expensive homes using adjustable-rate
 mortgages, buying new condos off plan to flip, and cashing out their
 fictional &#147;equity&#148; through a refinance mortgage. But who actually owns gold?
 I keep hearing about the gold bubble, but every time I ask people if they own
 any themselves, they say, &#147;no, no, of course not, it&#146;s a bubble.&#148;</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Brett Arends, MarketWatch.com, May 4, 2011</FONT></P>
 <P align=justify><FONT face=arial SIZE=2> The genius of investing is recognizing the
 direction of a trend&#151;not catching highs and lows.</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Anonymous</FONT></P>
 <P align=justify><FONT face=arial SIZE=2>As
 long as inflation doesn&#146;t ramp up to the double-digit levels of the 1970s and
 early 1980s&#151;a scenario I consider extremely unlikely&#151;stocks will act as an
 excellent hedge. The reason is simple: Stocks are claims on real assets, such
 as land and plant and equipment, which appreciate in value as overall prices
 increase.</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Jeremy J. Siegel, <I>Kiplinger&#146;s Personal Finance</I>, June 2011</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>To
 the extent that some managers are trying to replace active security selection
 with active allocation across sectors, that is another name for market
 timing. History suggests that is rarely a durable strategy.</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Edward Bernard, T. Rowe Price Vice Chairman, <I>Bloomberg</I>,
 June 9, 2011</FONT></P>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>Cocktail
 Conversation</FONT><br>
<FONT face=arial SIZE=2>Turn
 on the television or surf the Web and you&#146;re inundated with information about
 the market. But that access to information hasn&#146;t made people better
 investors.</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Norm Rothery, <I>The Globe and Mail</I>,<BR>January 1, 2011</FONT></P>
 <P align=justify><FONT face=arial SIZE=2>We
 have to realize that the world is a different place and that the number of
 consumers in the world is in the process of doubling. That means that resources
 are going to be scarce. That means energy is going to be scarce, and the prices
 of energy in general and commodities in particular are going to be high.</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Dennis Stattman, <I>Barron&#146;s</I>, May
 28, 2011</FONT></P>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>Timeless
 Tidbits</FONT></P>
 <P align=justify><FONT face=arial SIZE=2>Nothing
 in the world can take the place of persistence. Talent will not; nothing is
 more common than successful men with talent.</FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Calvin Coolidge</FONT></P>
 <P align=justify><FONT face=arial SIZE=2>Talent
 hits a target no one else can hit; genius hits a target no one else can see. </FONT></P>
 <P align=left style="margin-top:-12pt; margin-left:8pt; text-indent:-8pt"><FONT face=arial color="#004a8d" SIZE=2>&#150;&nbsp;Arthur Schopenhauer</FONT></P>
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 <P><FONT color="#004a8d" SIZE=4>About The Royce Funds</FONT></P> </TD>
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 <P><FONT face=arial color="#004a8d" SIZE=2><B>Wealth Of
 Experience</B></FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>Consistent
 Discipline</B></FONT></P> </TD>
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 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P> </TD>
 <TD ROWSPAN=5 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2>With approximately $41 billion in open- and closed-end fund
assets under management, Royce &amp; Associates is committed
to the same small-company investing principles that have
served us well for more than 35 years. Charles M. Royce, our
President and Co-Chief Investment Officer, enjoys one of the
longest tenures of any active mutual fund manager. Royce&#146;s
investment staff also includes Co-Chief Investment Officer
W. Whitney George, 18 Portfolio Managers, five assistant
portfolio managers and analysts, and nine traders.</FONT></P>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>Multiple
 Funds, Common Focus</B><br>Our goal is to offer both individual and institutional
investors the best available smaller-cap portfolios. Unlike a
lot of mutual fund groups with broad product offerings, we
have chosen to concentrate on smaller-company investing
by providing investors with a range of funds that take full
advantage of this large and diverse sector.</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2>Our approach emphasizes paying close attention to risk and
maintaining the same discipline, regardless of market movements
and trends. The price we pay for a security must be significantly
below our appraisal of its current worth. This requires a thorough
analysis of the financial and business dynamics of an enterprise,
as though we were purchasing the entire company.</FONT></P>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Co-Ownership Of Funds</B><br>
  It is important that our employees and shareholders share
a common financial goal; our officers, employees and their
families currently have approximately $153 million invested
in<i> The Royce Funds.</i></FONT></P> </TD>
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 <P><FONT face=arial color="#004a8d" SIZE=2><B>General
 Information</B></FONT></P> </TD>
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 <P><FONT face=arial color="#004a8d" SIZE=2><B>RIA Services</B></FONT></P> </TD>
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 <P><FONT face=arial SIZE=2>Additional Report Copies<br>and Prospectus Inquiries<br>(800) 221-4268</FONT></P> </TD>
 <TD VALIGN=TOP nowrap>
 <P><FONT face=arial SIZE=2>Fund Materials and<br>
   Performance Updates<br>
   (800) 33-ROYCE (337-6923)</FONT></P> </TD>
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 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
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 <P><FONT face=arial SIZE=2>Fund Materials and<br>
   Performance Updates<br>
   (800) 59-ROYCE (597-6923)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> </TD>
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 <P><FONT face=arial SIZE=2>Transfer Agent<br>
   and Registrar<br>
   (800) 426-5523</FONT></P> </TD>
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<P align="right"><FONT face=arial SIZE=2>CE-REP-0611</FONT></P>
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<br>
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<PAGE>
<P style="margin:0px"><BR></P>
<DIV style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000; width:100%">
<P style="margin:0px"><B>Item 2. &nbsp;Code(s) of Ethics.</B> &nbsp;&nbsp;Not applicable to this semi-annual report. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-48px"><B>Item 3. &nbsp;Audit Committee Financial Expert. &nbsp;</B>Not
applicable to this semi-annual report. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><B>Item 4. &nbsp;Principal Accountant Fees and Services. &nbsp;</B>Not applicable to this semi-annual report.
</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 5. &nbsp;Audit Committee of Listed Registrants. </B>Not applicable to this semi-annual report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 6. Investments.</B></P>
<P style="margin:0px">(a) See Item 1.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) Not applicable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 7. &nbsp;Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies. &nbsp;&nbsp;</B>Not applicable to this semi-annual report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 8. &nbsp;&nbsp;Portfolio Managers of Closed-End Management Investment Companies. </B>Not applicable to
this semi-annual report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 9. &nbsp;Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers. </B>Not Applicable</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 10. &nbsp;Submission of Matters to a Vote of Security Holders. &nbsp;</B>Not Applicable. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 11. Controls and Procedures. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the
Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as
of a date within 90 days of the filing date of this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) Internal Control over Financial Reporting. There were no significant changes in Registrant's internal
control over financial reporting or in other factors that could significantly affect this control subsequent to the date of the
evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses during the second
fiscal quarter of the period covered by this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 12. </B>&nbsp;<B>Exhibits.</B> &nbsp;&nbsp;Attached hereto. &nbsp;</P>
<P style="margin:0px">(a)(1) &nbsp;Not applicable to this semi-annual report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(a)(2) &nbsp;Separate certifications by the Registrant&#146;s Principal Executive Officer and Principal
Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(a)(3) Not Applicable</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) &nbsp;Separate certifications by the Registrant&#146;s Principal Executive Officer and Principal Financial
Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of
1940.</P>

<P style="margin:0px"><BR></P>
<HR style="margin-top:1.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>
<P style="margin:0px"><BR></P>


<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px"><B>ROYCE VALUE TRUST, INC. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">BY: <U>/s/Charles M. Royce</U></P>
<P style="margin:0px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles M. Royce</B></P>
<P style="margin:0px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>President</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Date: August 22, 2011</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px"><B>ROYCE VALUE TRUST, INC. </B></P>
<P style="margin:0px; text-indent:336px"><B>ROYCE VALUE TRUST, INC.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">BY: <U>/s/Charles M. Royce</U></P>
<P style="margin:0px; text-indent:336px">BY: &nbsp;<U>/s/John D. Diederich</U></P>
<P style="margin-top:0px; margin-bottom:-16px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Charles M. Royce</B></P>
<P style="margin:0px; text-indent:336px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John D. Diederich</B></P>
<P style="margin-top:0px; margin-bottom:-16px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President</B></P>
<P style="margin:0px; text-indent:336px"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">Date: August 22, 2011</P>
<P style="margin:0px; text-indent:336px">Date: August 22, 2011</P>
<P style="margin:0px"><BR></P>
<BR></P>

<P style="margin:0px"><BR></P>
<HR style="margin-top:1.6px; margin-bottom:9.6px" noshade size=5>


</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(A)(2)
<SEQUENCE>2
<FILENAME>d28592_ex99-12a2.htm
<DESCRIPTION>EX-99.(A)(2)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES </TITLE>
<META NAME="author" CONTENT="dani">
<META NAME="date" CONTENT="08/25/2011">
</HEAD>
<BODY>
<P style="margin:0px"><BR></P>
<DIV style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000; width:100%">
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 12(a)(2):</B></P>
<HR style="margin-top:1px; margin-bottom:1.6px" noshade size=2>
<P style="margin:0px" align=center><BR>
<B><U>CERTIFICATIONS <BR>
</U></B></P>
<P style="margin:0px">I, Charles M. Royce, certify that: </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">1.</P>
<P style="margin:0px; padding-left:12px">I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">4. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed &nbsp;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; &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">5. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">Date: August 22, 2011 </P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=320></TD></TR>
<TR><TD width=320><P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Courier New"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I><FONT style="font-family:Times New Roman">
<U>/s/Charles M. Royce</U></FONT></P>
<P style="margin:0px"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Charles M. Royce</P>
<P style="margin:0px"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>President</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<HR style="margin-top:1.6px; margin-bottom:9.6px" noshade size=5>
<PAGE>
<P style="margin:0px"><BR></P>

<P style="margin:0px"><B>Item 12(a)(2):</B></P>
<HR style="margin-top:1px; margin-bottom:1.6px" noshade size=2>
<P style="margin:0px" align=center><B><U>CERTIFICATIONS </U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">I, John D. Diederich, certify that: </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">1.</P>
<P style="margin:0px; padding-left:12px">I have reviewed this report on Form N-CSR of Royce Value Trust, Inc.; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if
the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented
in this report; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">4. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed &nbsp;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; &nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that
occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely
to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">5. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">Date: August 22, 2011 </P>
<P style="margin:0px"><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=288></TD></TR>
<TR><TD width=288><P style="margin:0px"><BR></P>
<P style="margin:0px"><I>&nbsp;&nbsp;<U>&nbsp;</U></I><U>/s/John D. Diederich</U></P>
<P style="margin:0px"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I>John D. Diederich</P>
<P style="margin:0px"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I>Chief Financial Officer</P>
</TD></TR>
</TABLE>

<P style="margin:0px"><BR></P>
<HR style="margin-top:1.6px; margin-bottom:9.6px" noshade size=5>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>3
<FILENAME>d28592_ex99-b.htm
<DESCRIPTION>EX-99.(B)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES </TITLE>
<META NAME="author" CONTENT="dani">
<META NAME="date" CONTENT="08/25/2011">
</HEAD>
<BODY>
<P style="margin:0px"><BR></P>
<DIV style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000; width:100%">
<P style="margin:0px"><BR></P>

<P style="margin:0px"><B>Item 12(b):</B></P>
<HR style="margin-top:1px; margin-bottom:1.6px" noshade size=2>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, </B></P>
<P style="margin:0px" align=center><B>AS ADOPTED PURSUANT TO </B></P>
<P style="margin:0px" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Name of Issuer: ROYCE VALUE TRUST, INC. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this
certification, the undersigned hereby certifies, to his knowledge, that: </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act
of 1934; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">2. The information contained in the Report fairly presents, in all materials respects, the financial condition
and results of operations of the issuer. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: August 22, 2011</P>
<P style="margin:0px"><BR></P>

<TABLE style="font-size:10pt" cellspacing=0 align=right><TR height=0 style="font-size:0"><TD width=624></TD></TR>
<TR><TD width=624><P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:223.6px"><I>&nbsp;&nbsp;&nbsp;&nbsp;</I><U>/s/Charles M. Royce</U></FONT></P>
<P style="margin:0px; text-indent:223.6px"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>Charles M. Royce</P>
<P style="margin:0px; text-indent:223.6px"><I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</I>President</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR><BR>
<BR>
</P>

<P style="margin:0px"><BR></P>
<HR style="margin-top:1.6px; margin-bottom:9.6px" noshade size=5 width=100%>
<PAGE>
<P style="margin:0px"><BR></P>

<P style="margin:0px"><B>Item 12(b):</B></P>
<HR style="margin-top:1px; margin-bottom:1.6px" noshade size=2>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, </B></P>
<P style="margin:0px" align=center><B>AS ADOPTED PURSUANT TO </B></P>
<P style="margin:0px" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Name of Issuer: ROYCE VALUE TRUST, INC. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this
certification, the undersigned hereby certifies, to his knowledge, that: </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act
of 1934; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">2. The information contained in the Report fairly presents, in all materials respects, the financial condition
and results of operations of the issuer. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: August 22, 2011</P>

<TABLE style="font-size:10pt" cellspacing=0 align=right><TR height=0 style="font-size:0"><TD width=624></TD></TR>
<TR><TD width=624><P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:223.6px">&nbsp;&nbsp;&nbsp;&nbsp;<U>/s/John D. Diederich</U></FONT></P>
<P style="margin:0px; text-indent:223.6px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John D. Diederich</P>
<P style="margin:0px; text-indent:223.6px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
</TD></TR>
</TABLE>

<P style="margin:0px" align=center><BR><BR>
<BR>
<BR>
<BR>
<BR>



</P>
<P style="margin:0px"><BR></P>
<HR style="margin-top:1.6px; margin-bottom:9.6px" noshade size=5 width=100%>
</BODY>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
