<SEC-DOCUMENT>0000949377-12-000684.txt : 20121120
<SEC-HEADER>0000949377-12-000684.hdr.sgml : 20121120
<ACCEPTANCE-DATETIME>20121120160235
ACCESSION NUMBER:		0000949377-12-000684
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121120
DATE AS OF CHANGE:		20121120
EFFECTIVENESS DATE:		20121120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE VALUE TRUST INC
		CENTRAL INDEX KEY:			0000804116
		IRS NUMBER:				133356097
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		121218058

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

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>e21388.htm
<TEXT>
<html>
<body>
<p><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES AND EXCHANGE
 COMMISSION<br>Washington, D.C. 20549</font></p>
<p><font face="Times New Roman" size="2">FORM N-Q<br>QUARTERLY SCHEDULE OF PORTFOLIO
 HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</font></p>
<p><font face="Times New Roman" size="2">Investment Company Act File Number: 811-04875</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Name of Fund:</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Royce Value
 Trust, Inc.</font></td>
</tr>
<tr>
<td width="8%" nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Fund Address:</font></td>
<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">745 Fifth Avenue</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York, NY 10151</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Name and address of agent for service:
<br>John E. Denneen, Esq.<br>Royce &#038; Associates, LLC<br>745 Fifth Avenue <br>New
 York, NY 10151</font></p>
<p><font face="Times New Roman" size="2">Registrant&#146;s telephone number, including
 area code: (212) 508-4500</font></p>
<p><font face="Times New Roman" size="2">Date of fiscal year end: 12/31/2012</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 9/30/2012</font></p>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">SCHEDULE OF
 INVESTMENTS</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">ROYCE VALUE
 TRUST</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">SEPTEMBER
 30, 2012 (UNAUDITED)</font></td>
</tr>
</table>
<br>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2"><b>SHARES
</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="arial" size="2">
<b>VALUE</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>COMMON
 STOCKS &#150; 107.4%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Consumer
 Discretionary &#150; 14.0%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Auto Components
 - 0.5%</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">China
 XD Plastics <sup><a href="#e21388_1" style="color:#000000">1</a>,<a href="#e21388_2" style="color:#000000">2</a></sup></font></p></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">109,700 </font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">415,763</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Drew
 Industries <sup><a href="#e21388_2" style="color:#000000">2</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">46,591</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,407,514</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Gentex
 Corporation</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">110,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,874,502</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Minth
 Group</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">917,300</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">967,690</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Williams
 Controls</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">37,499</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">393,739</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,059,208</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Automobiles
 - 0.5%</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Thor
 Industries</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">77,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,814,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Winnebago
 Industries <sup><a href="#e21388_2" style="color:#000000">2</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">222,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,810,175</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,624,975</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Distributors
 - 0.9%</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">LKQ
 Corporation <sup><a href="#e21388_2" style="color:#000000">2</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">368,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,808,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Weyco
 Group</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">97,992</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,386,105</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">9,194,105</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Diversified
 Consumer Services - 1.6%</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Anhanguera
 Educacional Participacoes</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">80,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,329,880</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Career
 Education <sup><a href="#e21388_2" style="color:#000000">2</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">28,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">108,953</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">MegaStudy</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">39,150</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,606,654</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Regis
 Corporation</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">233,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,297,244</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sotheby&#146;s</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">206,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,504,750</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Universal
 Technical Institute</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">153,521</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,103,238</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">16,950,719</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Hotels, Restaurants
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">64,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,930,692</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Lotto24
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">31,283</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,961,975</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">14,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">192,324</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ekornes</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">125,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,767,355</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ethan
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<td valign="bottom" align="right"><font face="arial" size="2">345,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,579,936</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hanssem</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">39,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">650,831</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Harman
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<td valign="bottom" align="right"><font face="arial" size="2">121,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,603,824</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Mohawk
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<td valign="bottom" align="right"><font face="arial" size="2">144,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">11,538,884</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Woongjin
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<td valign="bottom" align="right"><font face="arial" size="2">50,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,383,359</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">28,716,513</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Internet
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Manutan
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">53,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,143,727</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Takkt</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">170,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,075,355</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,219,082</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Leisure Equipment
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Beneteau</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">180,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,966,126</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Shimano</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">38,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,765,761</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Smith
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">32,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">361,128</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,093,015</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">42,060</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">275,914</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Morningstar</font></p></td>
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<td width="8%" valign="bottom" align="right"><font face="arial" size="2">109,800</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">6,877,872</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Pico
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<td valign="bottom" align="right"><font face="arial" size="2">12,679,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,008,668</font></td>
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</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">998,478</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">11,160,932</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">New
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<td valign="bottom" align="right"><font face="arial" size="2">7,149,200</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,973,801</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Specialty
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Aeropostale
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">31,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">424,842</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ascena
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Christopher
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<td valign="bottom" align="right"><font face="arial" size="2">82,200</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">277,528</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">17,821</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">66,473</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">426,300</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">407,053</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">11,900</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">302,498</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">1,112,250</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">321,308</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">2,577,556</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">264,378</font></td>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">1,749,044</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">294,432</font></td>
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">167,800</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">194,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">2,291,140</font></td>
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</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,057,150</font></td>
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</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,393,593</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">18,334,143</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">1,713,200</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,316,818</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">190,100</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">10,234,984</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">31,197</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,684,638</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">766,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">764,123</font></td>
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</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,695,647</font></td>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">163,600</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">561,148</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">551,267</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">5,621,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">3,624,557</font></td>
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">270,826</font></td>
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</tr>
<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">34,929,983</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">145,218,451</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Consumer
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Beverages
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">MGP
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">127,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">486,668</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Food &#038;
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">FamilyMart</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">76,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,739,621</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Food Products
 - 2.1%</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Alico</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">27,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">843,210</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Asian
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">937,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">483,773</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Binggrae</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">13,796</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,309,560</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cal-Maine
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">34,848</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,566,069</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">First
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">358,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">616,219</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Industrias
 Bachoco ADR</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">120,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Origin
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<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">76,800</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">109,056</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Seneca
 Foods Cl. A <sup><a href="#e21388_2" style="color:#000000">2</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">110,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,284,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Seneca
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">13,251</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">373,811</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Super
 Group</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">790,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,409,795</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Tootsie
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">322,058</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,689,125</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Waterloo
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">598,676</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">86,987</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Westway
 Group</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">405,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,506,950</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">21,399,155</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">25,625,444</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Diversified
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Closed-End
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Central
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">226,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,381,060</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,381,060</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Energy
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Energy Equipment
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cal
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">456,250</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">698,062</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">CARBO
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">503,360</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ensign
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">225,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,457,441</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Heckmann
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">50,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">210,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Helmerich
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<td valign="bottom" align="right"><font face="arial" size="2">128,100</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,098,841</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ION
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<td valign="bottom" align="right"><font face="arial" size="2">361,500</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,508,810</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Oil
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<td valign="bottom" align="right"><font face="arial" size="2">95,723</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,606,150</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Pason Systems</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">97,800</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,632,487</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">SEACOR
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<td valign="bottom" align="right"><font face="arial" size="2">88,866</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,407,870</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ShawCor
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<td valign="bottom" align="right"><font face="arial" size="2">54,300</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,357,363</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Steel
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<td valign="bottom" align="right"><font face="arial" size="2">156,880</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,961,220</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">TETRA
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<td valign="bottom" align="right"><font face="arial" size="2">68,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">411,400</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">TGS-NOPEC
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<td valign="bottom" align="right"><font face="arial" size="2">40,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,304,962</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Tidewater</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">36,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,747,080</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Trican
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<td valign="bottom" align="right"><font face="arial" size="2">263,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,421,595</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Unit
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">34,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,411,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">44,737,641</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Africa
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">73,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">719,530</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Bill
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">50,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,238,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cimarex
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">61,300</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,589,115</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Green
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">82,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">480,520</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Plains
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">13,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">505,845</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Resolute
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<td valign="bottom" align="right"><font face="arial" size="2">181,134</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,606,659</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,140,169</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">52,877,810</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Affiliated
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<td valign="bottom" align="right"><font face="arial" size="2">47,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,854,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AllianceBernstein
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<td valign="bottom" align="right"><font face="arial" size="2">514,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,929,986</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AP
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<td valign="bottom" align="right"><font face="arial" size="2">233,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,973,300</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Artio
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<td valign="bottom" align="right"><font face="arial" size="2">433,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,290,340</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ASA
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<td valign="bottom" align="right"><font face="arial" size="2">117,501</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,961,025</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ashmore
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<td valign="bottom" align="right"><font face="arial" size="2">831,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,569,163</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cowen Group
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<td valign="bottom" align="right"><font face="arial" size="2">1,254,458</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,387,037</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Dubai
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,900,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,928,778</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Eaton
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">85,300</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,470,288</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Egyptian
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<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">51,625</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">101,950</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Epoch
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<td valign="bottom" align="right"><font face="arial" size="2">25,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">577,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">FBR
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<td valign="bottom" align="right"><font face="arial" size="2">576,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,780,458</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Federated
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">224,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,649,043</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">GAMCO
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<td valign="bottom" align="right"><font face="arial" size="2">80,575</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,008,606</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">GFI
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<td valign="bottom" align="right"><font face="arial" size="2">166,247</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">528,665</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">GIMV</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">35,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,661,891</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Gleacher
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<td valign="bottom" align="right"><font face="arial" size="2">200,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">146,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Jupiter
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<td valign="bottom" align="right"><font face="arial" size="2">75,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">295,145</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">KKR
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<td valign="bottom" align="right"><font face="arial" size="2">415,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,270,650</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Lazard
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<td valign="bottom" align="right"><font face="arial" size="2">315,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">9,219,142</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">MVC
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<td valign="bottom" align="right"><font face="arial" size="2">254,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,253,760</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Oppenheimer
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">75,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,196,250</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Paris
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<td valign="bottom" align="right"><font face="arial" size="2">218,359</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,688,862</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Partners
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,538,586</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Reinet
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">164,948</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,073,512</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Reinet
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">500,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">940,166</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">SEI
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">318,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,840,405</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sprott</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">370,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,786,842</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Value
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,412,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,111,982</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">VZ
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,471,217</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Waddell
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">139,300</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,564,861</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Westwood
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<td valign="bottom" align="right"><font face="arial" size="2">23,460</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">915,175</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">97,985,385</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Commercial
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">882,304</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,076,411</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">BCB
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">598,676</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">142,594</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Farmers
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<td valign="bottom" align="right"><font face="arial" size="2">1,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,316,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Fauquier
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<td valign="bottom" align="right"><font face="arial" size="2">160,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,043,768</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">First
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<td valign="bottom" align="right"><font face="arial" size="2">39,274</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,397,735</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,225,600</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">17,202,108</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Diversified
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Banca
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<td valign="bottom" align="right"><font face="arial" size="2">1,060,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">359,608</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">PICO
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<td valign="bottom" align="right"><font face="arial" size="2">67,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,540,350</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">RHJ
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<td valign="bottom" align="right"><font face="arial" size="2">622,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,103,781</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sofina</font></p></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,309,350</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,313,089</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Insurance
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Alleghany
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<td valign="bottom" align="right"><font face="arial" size="2">8,299</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,862,657</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Argo
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">64,751</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,097,285</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">E-L
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<td valign="bottom" align="right"><font face="arial" size="2">20,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,611,535</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Erie
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,213,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Independence
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<td valign="bottom" align="right"><font face="arial" size="2">349,423</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,518,690</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Platinum
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">149,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,089,630</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Primerica</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">170,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,868,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ProAssurance
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">22,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,989,680</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">33,251,777</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Real Estate
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Vestin
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">214,230</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">321,345</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Real Estate
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Altisource
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">21,199</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,828,414</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Consolidated-Tomoka
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">63,564</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,090,620</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">E-House China
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">677,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,899,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Forestar
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">222,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,698,520</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kennedy-Wilson
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">191,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,668,270</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Midland
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<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">3,171,500</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">1,885,545</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">St.
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">167,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,256,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Tejon
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">279,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,393,176</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">26,720,745</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Thrifts &#038;
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">CFS
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">150,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">819,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kearny
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">70,862</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">690,196</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Timberland
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<td valign="bottom" align="right"><font face="arial" size="2">444,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,660,758</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,169,954</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">191,964,403</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Green
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<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">3SBio ADR
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,193,802</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Health Care
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">140,512</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">368,142</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">3,137,353</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Atrion
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<td><font face="arial" size="1">&#160;</font></td>
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<tr>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Carl
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,047,341</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">CONMED
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">DiaSorin</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">50,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,741,242</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">DynaVox
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<td valign="bottom" align="right"><font face="arial" size="2">55,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">29,040</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">IDEXX
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<td valign="bottom" align="right"><font face="arial" size="2">40,201</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">3,993,969</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kossan
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<td valign="bottom" align="right"><font face="arial" size="2">473,968</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">471,409</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">25,100</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">871,296</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Straumann
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,330,144</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Top
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<td valign="bottom" align="right"><font face="arial" size="2">601,178</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">142,648</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">111,265</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">66,447</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,598,078</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">24,392,736</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">160,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,785,600</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">75,500</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,508,860</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">MWI
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<td valign="bottom" align="right"><font face="arial" size="2">10,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,066,800</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">VCA
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<td valign="bottom" align="right"><font face="arial" size="2">67,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,335,721</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,696,981</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">21,388</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">2,282,527</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">612</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,752,717</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Furiex
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<td valign="bottom" align="right"><font face="arial" size="2">8,333</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">158,994</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">199,363</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">4,858,476</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Luminex
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<td valign="bottom" align="right"><font face="arial" size="2">388,800</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">312,400</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">9,609,424</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">185,800</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,475,526</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">24,526,464</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Pharmaceuticals
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Adcock
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">215,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,534,164</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Almirall</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">200,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,557,480</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Boiron</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">55,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,675,062</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Daewoong
 Pharmaceutical</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,843</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">439,107</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kalbe
 Farma</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">800,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">392,894</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Recordati</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">300,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,131,898</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Santen
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">76,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,496,156</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Vetoquinol</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">50,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,538,205</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Virbac</font></p></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">7,500</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">1,299,185</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">14,064,151</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">72,874,134</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Industrials
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Aerospace
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AeroVironment
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">187,760</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Alliant
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">9,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">491,078</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cubic
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">11,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">590,708</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ducommun
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">117,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,593,920</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">HEICO
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">210,351</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,138,480</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">HEICO
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">64,647</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,972,380</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hexcel
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">47,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,140,950</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Moog Cl.
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">25,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">946,750</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">National
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">218,640</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Teledyne
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">49,030</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,108,012</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">18,388,678</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Air Freight
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Forward
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">209,750</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,378,497</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hub
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">149,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,434,192</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">UTi
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">175,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,357,250</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">13,169,939</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Building Products
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">American
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">123,335</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,463,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Apogee
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">78,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,538,208</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Burnham
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<td valign="bottom" align="right"><font face="arial" size="2">36,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">531,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Simpson
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<td valign="bottom" align="right"><font face="arial" size="2">275,300</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,879,086</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,411,294</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Commercial
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">206,320</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,300,361</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">CompX
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<td valign="bottom" align="right"><font face="arial" size="2">185,300</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,812,854</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Copart
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<td valign="bottom" align="right"><font face="arial" size="2">149,780</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,153,399</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kimball
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<td valign="bottom" align="right"><font face="arial" size="2">286,180</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,497,120</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Moshi
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<td valign="bottom" align="right"><font face="arial" size="2">23,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">349,741</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Ritchie
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<td valign="bottom" align="right"><font face="arial" size="2">297,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,726,694</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sykes
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">56,349</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">757,331</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Tetra
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">97,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,565,602</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">TMS
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">45,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">450,450</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">25,613,552</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">EMCOR
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">199,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,690,876</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Integrated
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">266,349</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,211,888</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Jacobs
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">81,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,291,002</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">KBR</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">180,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,367,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Raubex
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,033,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,875,571</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">17,436,937</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Electrical
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AZZ</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">62,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,362,356</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Belden</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">57,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,131,664</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Elektrobudowa</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">16,392</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">547,995</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Franklin
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<td valign="bottom" align="right"><font face="arial" size="2">104,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,327,254</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Fushi
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">50,031</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">454,782</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">GrafTech
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<td valign="bottom" align="right"><font face="arial" size="2">529,487</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,760,088</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Jinpan
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<td valign="bottom" align="right"><font face="arial" size="2">96,284</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">467,940</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">92,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,573,108</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">91,600</font></td>
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<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">4,974,796</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">100,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,048,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">32,647,983</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Industrial
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Raven
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<td valign="bottom" align="right"><font face="arial" size="2">199,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,856,570</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Machinery
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Armstrong
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<td valign="bottom" align="right"><font face="arial" size="2">1,514,500</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">357,892</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Astec
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<td valign="bottom" align="right"><font face="arial" size="2">37,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,169,570</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Burckhardt
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<td valign="bottom" align="right"><font face="arial" size="2">14,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,275,598</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Chen
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<td valign="bottom" align="right"><font face="arial" size="2">1,615,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">433,219</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">China
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<td valign="bottom" align="right"><font face="arial" size="2">844,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">172,140</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">CLARCOR</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">92,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,128,275</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Columbus
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">110,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,674,188</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Donaldson
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<td valign="bottom" align="right"><font face="arial" size="2">185,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,442,176</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">EVA
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,392,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">373,833</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">FAG
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">29,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,006,647</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Gardner
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">10,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">646,387</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Graco</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">116,376</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,851,385</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">IDEX
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<td valign="bottom" align="right"><font face="arial" size="2">67,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,815,298</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Industrea</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">431,025</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">556,642</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kennametal</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">211,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,827,588</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Lincoln
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">218,360</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,526,958</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">NN
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">197,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,673,379</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Nordson
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<td valign="bottom" align="right"><font face="arial" size="2">169,996</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">9,965,166</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Pfeiffer
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">18,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,975,809</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">PMFG
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">388,352</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,141,768</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Rational</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">7,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,754,543</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">RBC
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">47,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,260,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Rotork</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">12,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">456,786</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sauer-Danfoss</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">7,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">305,596</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Semperit
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<td valign="bottom" align="right"><font face="arial" size="2">84,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,281,503</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Spirax-Sarco
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<td valign="bottom" align="right"><font face="arial" size="2">65,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,194,754</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sun
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<td valign="bottom" align="right"><font face="arial" size="2">8,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">228,502</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Valmont
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<td valign="bottom" align="right"><font face="arial" size="2">44,500</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,851,750</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">WABCO
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<td valign="bottom" align="right"><font face="arial" size="2">103,800</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">5,986,146</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Wabtec
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<td valign="bottom" align="right"><font face="arial" size="2">87,725</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,043,440</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">
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<td valign="bottom" align="right"><font face="arial" size="2">208,400</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,081,432</font></td>
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</tr>
<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">99,459,070</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">80,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,422,400</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Advisory
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">231,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">11,058,296</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">CRA
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">64,187</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,109,151</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">eClerx
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<td valign="bottom" align="right"><font face="arial" size="2">35,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">524,258</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">FTI
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<td valign="bottom" align="right"><font face="arial" size="2">7,850</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">209,438</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">JobStreet Corporation</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">723,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">544,355</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ManpowerGroup</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">78,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,892,480</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Michael
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<td valign="bottom" align="right"><font face="arial" size="2">325,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,867,273</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">On
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">375,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,477,968</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Robert
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">126,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,366,032</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">29,049,251</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Road &#038;
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Frozen
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">286,635</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">564,671</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Landstar
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">99,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,699,632</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Patriot
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">212,958</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,937,269</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Universal
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">55,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">878,350</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,079,922</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Trading Companies
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AerCap
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">45,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">562,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Air
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">40,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">830,280</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Lawson
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">161,431</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,117,103</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">MSC
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<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="arial" size="2">59,548</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">4,017,108</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,526,991</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Transportation
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Wesco
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">68,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">934,344</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">277,996,931</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Communications
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AAC
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">212,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">766,331</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Acme
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<td valign="bottom" align="right"><font face="arial" size="2">90,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,539,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ADTRAN</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">197,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,417,984</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Bel
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">36,672</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">641,027</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">87,715</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">181,570</font></td>
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<tr>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Comtech
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">183,700</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sonus
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<td valign="bottom" align="right"><font face="arial" size="2">1,124,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">2,113,120</font></td>
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</tr>
<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">64,050</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">17,314,325</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">543,265</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Catcher
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<td valign="bottom" align="right"><font face="arial" size="2">85,600</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">402,982</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">5,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">14,150</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">151,600</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,110,436</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">85,155</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">331,167</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">23,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">142,830</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Intevac
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<td valign="bottom" align="right"><font face="arial" size="2">57,450</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">351,019</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">19,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">442,890</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Simplo
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<td valign="bottom" align="right"><font face="arial" size="2">91,630</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">548,589</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">75,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">122,250</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">345,500</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">2,332,125</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Western
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<td valign="bottom" align="right"><font face="arial" size="2">22,700</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">879,171</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">11,220,874</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">165,125</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,420,075</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Anixter
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<td valign="bottom" align="right"><font face="arial" size="2">61,795</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">3,550,741</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">165,200</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">2,522,604</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Broadway
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<td valign="bottom" align="right"><font face="arial" size="2">945,600</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">281,245</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Chroma Ate</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">269,982</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">568,267</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cognex
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<td valign="bottom" align="right"><font face="arial" size="2">236,200</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,167,796</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Coherent
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<td valign="bottom" align="right"><font face="arial" size="2">214,500</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">9,836,970</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Dolby
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<td valign="bottom" align="right"><font face="arial" size="2">143,200</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">4,689,800</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">93,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,986,200</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">FLIR
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<td valign="bottom" align="right"><font face="arial" size="2">118,500</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,367,037</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hana
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<td valign="bottom" align="right"><font face="arial" size="2">1,391,300</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">944,710</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hollysys
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<td valign="bottom" align="right"><font face="arial" size="2">83,227</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">812,296</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Inficon
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<td valign="bottom" align="right"><font face="arial" size="2">232,515</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">IPG
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<td valign="bottom" align="right"><font face="arial" size="2">63,320</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">3,628,236</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kingboard
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<td valign="bottom" align="right"><font face="arial" size="2">745,756</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Molex</font></p></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">National
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<td valign="bottom" align="right"><font face="arial" size="2">6,339,064</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">523,500</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">357,700</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">176,100</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">286,200</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">234,684</font></td>
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<tr>
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<td width="8%" valign="bottom" align="right"><font face="arial" size="2">395,712</font></td>
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<td width="7%" valign="bottom" align="right"><font face="arial" size="2">4,697,101</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">284,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">5,603,320</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">122,800</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">5,562,840</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">211,400</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,993,502</font></td>
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</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,313,881</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">87,766,172</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">187,000</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">6,386,050</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">9,779,127</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">1,159,431</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">849,600</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">5,625,624</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">1,772,809</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">7,532,377</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">25,308,818</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Zebra
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">23,058</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">865,597</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Semiconductors
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Aixtron
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">88,258</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,166,771</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Analog
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<td valign="bottom" align="right"><font face="arial" size="2">11,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">438,928</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ASM
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<td valign="bottom" align="right"><font face="arial" size="2">90,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,064,347</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ATMI
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<td valign="bottom" align="right"><font face="arial" size="2">85,515</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,588,014</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">BCD
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">195,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">701,845</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">BE
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">58,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">399,040</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cabot
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">29,309</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,029,918</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cymer
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">444,222</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Diodes
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">252,450</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,294,174</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Exar
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">157,576</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,260,608</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Integrated
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">180,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,668,652</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">International
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">120,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,002,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">26,170</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">442,985</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Nanometrics
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">151,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,094,977</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Power
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">49,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,491,070</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">RDA
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">88,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">936,684</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Teradyne
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">287,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,083,984</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">TriQuint
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">540,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,727,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Veeco
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">88,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,641,760</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">30,477,779</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Software -
 1.9%</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ACI
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">131,150</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">5,542,399</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">ANSYS
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">105,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">7,751,040</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Aspen
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">42,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,088,285</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Blackbaud</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">31,400</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">751,088</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">JDA
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">49,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,585,822</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Majesco
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">36,255</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">45,681</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">SimCorp</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">12,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,562,786</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">VirnetX
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">17,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">450,111</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">19,777,212</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="8%"><font face="arial" size="1">&#160;</font></td>
<td width="4%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">202,509,904</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
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<tr>
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<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Materials
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Chemicals
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Agrium</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">7,500</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">775,950</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">C.
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<td valign="bottom" align="right"><font face="arial" size="2">18,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">636,596</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Cabot
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,457,504</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="arial" size="2">3,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">777,840</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Fufeng
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<td valign="bottom" align="right"><font face="arial" size="2">386,100</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">127,969</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hawkins</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">86,178</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,580,696</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Huchems
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<td valign="bottom" align="right"><font face="arial" size="2">40,056</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">967,680</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Intrepid
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<td valign="bottom" align="right"><font face="arial" size="2">131,766</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,830,334</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">KMG Chemicals</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">43,874</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">811,669</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">LSB
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<td valign="bottom" align="right"><font face="arial" size="2">69,349</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,042,341</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Minerals
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<td valign="bottom" align="right"><font face="arial" size="2">28,930</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,052,005</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Mosaic
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<td valign="bottom" align="right"><font face="arial" size="2">16,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">921,760</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">OM
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<td valign="bottom" align="right"><font face="arial" size="2">90,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,668,600</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Stepan
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<td valign="bottom" align="right"><font face="arial" size="2">7,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">720,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Victrex</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">85,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,814,550</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">23,186,394</font></td>
<td><font face="arial" size="1">&#160;</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Construction
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">50,518</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,996,743</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Mardin
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">391,900</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,107,721</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,104,464</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Greif
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">104,744</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,627,590</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Mayr-Melnhof
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<td valign="bottom" align="right"><font face="arial" size="2">65,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">6,085,032</font></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">10,712,622</font></td>
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<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Allied
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<td valign="bottom" align="right"><font face="arial" size="2">55,400</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">2,163,924</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">AuRico
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<td valign="bottom" align="right"><font face="arial" size="2">258,300</font></td>
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<td valign="bottom" align="right"><font face="arial" size="2">1,802,934</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Centamin
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<td valign="bottom" align="right"><font face="arial" size="2">1,165,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,718,289</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Central
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<td valign="bottom" align="right"><font face="arial" size="2">6,062</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,364,640</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Endeavour
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<td valign="bottom" align="right"><font face="arial" size="2">300,000</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">677,449</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Franco-Nevada
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<td valign="bottom" align="right"><font face="arial" size="2">8,200</font></td>
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">483,226</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Fresnillo</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">39,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,169,959</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Globe
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">45,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">694,032</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hecla Mining</font></p></td>
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<td valign="bottom" align="right"><font face="arial" size="2">300,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,965,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Hochschild
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<td valign="bottom" align="right"><font face="arial" size="2">300,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,354,377</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kimber
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">560,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">389,200</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Kinross
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<td valign="bottom" align="right"><font face="arial" size="2">26,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">272,607</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Maharashtra
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">330,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,127,216</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Major
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">374,600</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,825,637</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Medusa
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">300,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,885,812</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Pretium
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">39,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">508,170</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Randgold
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">33,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,059,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Reliance
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<td valign="bottom" align="right"><font face="arial" size="2">160,720</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,413,692</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Schnitzer
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">100,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,815,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Silvercorp
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">116,500</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">754,920</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Sims
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">231,783</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,294,652</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Stillwater
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">63,700</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">751,023</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Synalloy
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">178,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">2,467,440</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Worthington
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">185,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">4,007,100</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">51,965,299</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Paper &#038;
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">China
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,563,800</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">268,869</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Qunxing
 Paper Holdings <sup><a href="#e21388_4" style="color:#000000">4</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">3,296,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">175,468</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="arial" size="1">&#160;</font></td>
<td width="8%" align="left"><font face="arial" size="1">&#160;</font></td>
<td width="4%" align="left"><font face="arial" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">444,337</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">94,413,116</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Telecommunication
 Services &#150; 0.8%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E">Wireless Telecommunication
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Telephone
 and Data Systems</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">338,270</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,663,095</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">8,663,095</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Miscellaneous <sup><a href="#e21388_6" style="color:#004B8E">6</a></sup> &#150; 3.3%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Total</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">34,531,188</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>TOTAL COMMON
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<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">(Cost $909,114,403)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,112,055,536</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>PREFERRED
 STOCK &#150; 0.2%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Seneca
 Foods Conv. <sup><a href="#e21388_2" style="color:#000000">2</a>,<a href="#e21388_4" style="color:#000000">4</a></sup></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">(Cost $796,469)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">55,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,478,070</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>REPURCHASE
 AGREEMENT &#150; 13.8%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Fixed Income
 Clearing Corporation,</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">0.12%
 dated 9/28/12, due 10/1/12,</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">maturity
 value $142,554,426 (collateralized</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">by
 obligations of various U.S. Government</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Agencies,
 0.375% due 11/15/14, valued at</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">$145,408,244)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">(Cost $142,553,000)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">142,553,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>COLLATERAL
 RECEIVED FOR SECURITIES</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2" color="#004B8E"><b>LOANED
 &#150; 2.9%</b></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Money Market
 Funds</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">Federated
 Government Obligations Fund</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">(7
 day yield-0.0161%)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">(Cost $30,138,660)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">30,138,660</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>TOTAL INVESTMENTS
 &#150; 124.3%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2">(Cost $1,082,602,532)</font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,286,225,266</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>LIABILITIES
 LESS CASH</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="arial" size="2" color="#004B8E"><b>
AND OTHER ASSETS &#150; (3.0)%</b></font></p></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">(31,123,370</font></td>
<td valign="bottom" align="left"><font face="arial" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>PREFERRED
 STOCK &#150; (21.3)%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">(220,000,000</font></td>
<td valign="bottom" align="left"><font face="arial" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>NET ASSETS
 APPLICABLE TO COMMON</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>STOCKHOLDERS
 &#150; 100.0%</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="arial" size="2"><b> 1,035,101,896
</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="arial" size="2"><sup><a name="e21388_1"></a>1</sup></font></td>
<td valign="bottom" align="left"><font face="arial" size="2"><div align="justify">All or a portion
 of these securities were on loan at September 30, 2012. Total market value of loaned
 securities at September 30, 2012, was $28,836,198.</div></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="arial" size="2"><sup><a name="e21388_2"></a>2</sup></font></td>
<td valign="bottom" align="left"><font face="arial" size="2">Non-income
 producing.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="arial" size="2"> <sup><a name="e21388_3"></a>3</sup></font></td>
<td valign="bottom" align="left"><font face="arial" size="2"><div align="justify">These securities
 are defined as Level 2 securities due to fair value being based on quoted prices
 for similar securities.</div></font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="arial" size="2"> <sup><a name="e21388_4"></a>4</sup></font></td>
<td valign="bottom" align="left"><div align="justify"><font face="arial" size="2">Securities
 for which market quotations are not readily available represent 0.2% of net assets.
 These securities have been valued at their fair value under procedures approved
 by the Fund&#146;s Board of Directors. These securities are defined as Level 3 securities
 due to the use of significant unobservable inputs in the determination of fair value.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="arial" size="2"> <sup><a name="e21388_5"></a>5</sup></font></td>
<td valign="bottom" align="left"><font face="arial" size="2"><div align="justify">At September
 30, 2012, the Fund owned 5% or more of the Company&#146;s outstanding voting securities
 thereby making the Company an Affiliated Company as that term is defined in the
 Investment Company Act of 1940.</div></font></td>
</tr>
</table>
<div align="justify"><font face="arial" size="2"> <sup><a name="e21388_6"></a>6</sup> Includes securities first acquired
 in 2012 and less than 1% of net assets applicable to Common Stockholders.</font></div>
<p align="justify"><font face="arial" size="2"><b>TAX INFORMATION:</b> The cost of total
 investments for Federal income tax purposes was $1,083,802,317. At September 30,
 2012, net unrealized appreciation for all securities was $202,422,949, consisting
 of aggregate gross unrealized appreciation of $309,446,311 and aggregate gross unrealized
 depreciation of $107,023,362. The primary difference between book and tax basis
 cost is the timing of the recognition of losses on securities sold.</font></p>
<p align="justify"><font face="arial" size="2"><b>Valuation of Investments:<br></b>Investment
 transactions are accounted for on the trade date. Securities are valued as of the
 close of trading on the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern
 time) on the valuation date. Securities that trade on an exchange, and securities
 traded on Nasdaq&#146;s Electronic Bulletin Board, are valued at their last reported
 sales price or Nasdaq official closing price taken from the primary market in which
 each security trades or, if no sale is reported for such day, at their bid price.
 Other over-the-counter securities for which market quotations are readily available
 are valued at their highest bid price, except in the case of some bonds and other
 fixed income securities which may be valued by reference to other securities with
 comparable ratings, interest rates and maturities, using established independent
 pricing services. The Fund values its non-U.S. dollar denominated securities in
 U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by
 a major bank. Securities for which market quotations are not readily available are
 valued at their fair value in accordance with the provisions of the 1940 Act, under
 procedures approved by the Fund&#146;s Board of Directors, and are reported as Level
 3 securities. As a general principle, the fair value of a security is the amount
 which the Fund might reasonably expect to receive for the security upon its current
 sale. However, in light of the judgment involved in fair valuations, there can be
 no assurance that a fair value assigned to a particular security will be the amount
 which the Fund might be able to receive upon its current sale. 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>
<div align="justify"><font face="arial" size="2">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></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" align="left"><font face="arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="center" nowrap><font face="arial" size="2">Level 1 &#150;</font></td>
<td valign="bottom" align="left"><font face="arial" size="2">quoted prices
 in active markets for identical securities.</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="arial" size="2">Level 2 &#150;</font></td>
<td valign="bottom" align="left"><font face="arial" size="2"><div align="justify">other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Level 2 securities with values based on quoted prices for similar
 securities are noted in the Schedule of Investments.</div></font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="top" align="center" nowrap><font face="arial" size="2">Level 3 &#150;</font></td>
<td valign="bottom" align="left"><font face="arial" size="2"><div align="justify">significant
 unobservable inputs (including last trade price before trading was suspended, or
 at a discount thereto for lack of marketability or otherwise, market price information
 regarding other securities, information received from the company and/or published
 documents, including SEC filings and financial statements, or other publicly available
 information).</div></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="arial" size="2"><div align="justify">The inputs
 or methodology used for valuing securities are not necessarily an indication of
 the risk associated with investing in those securities.<br>The following is a summary
 of the inputs used to value the Fund&#146;s investments as of September 30, 2012.
 For a detailed breakout of common stocks by sector classification, please refer
 to the Schedule of Investments.</div></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DFE7F7">
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2" color="#004B8E"><b>Level
 1</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2" color="#004B8E"><b>Level
 2</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2" color="#004B8E"><b>Level
 3</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2" color="#004B8E"><b>Total
</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Common Stocks</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">1,093,279,821</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="7%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="arial" size="2">18,244,391</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="7%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="arial" size="2">531,324</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="7%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="arial" size="2">1,112,055,536</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Preferred
 Stocks</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,478,070</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,478,070</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Cash Equivalents</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">30,138,660</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">142,553,000</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">172,691,660</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">&#160;&#160;&#160;&#160;Level 3 Reconciliation:</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr bgcolor="#DFE7F7">
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Realized and</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DFE7F7">
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Balance as of</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Unrealized</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Balance as of</b></font></td>
</tr>
<tr bgcolor="#DFE7F7">
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>12/31/11</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="arial" size="2" color="#004B8E"><b>Purchases
</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="arial" size="2" color="#004B8E"><b>Transfers
 In</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="arial" size="2" color="#004B8E"><b>Transfers
 Out</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Sales</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Gain (Loss)</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>9/30/12</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Common Stocks</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="arial" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="arial" size="2">1,701,029</font></td>
<td width="2%"><font face="arial" size="1">&#160;</font></td>
<td width="5%"><font face="arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="arial" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="arial" size="2">456,781</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="arial" size="2">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="arial" size="2">(712,924</font></td>
<td width="2%" valign="bottom" align="left"><font face="arial" size="2">)</font></td>
<td width="2%"><font face="arial" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="arial" size="2">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="arial" size="2">531,324</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Preferred
 Stocks</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,278,090</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">&#150;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">199,980</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="arial" size="2">1,478,070</font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
</table>
<p align="justify"><font face="arial" size="2"><b>Repurchase Agreements:<br></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" size="2"><b>Securities Lending:<br></b>The Fund loans
 securities through a lending agent 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. The Fund&#146;s securities
 lending income consists of the income earned on investing cash collateral, plus
 any premium payments received for lending certain securities, less any rebates paid
 to borrowers and lending agent fees associated with the loan. The lending agent
 is not affiliated with Royce.</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p align="justify"><font face="arial" size="2"><b>Transactions in Affiliated Companies:
<br></b>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 nine months ended September 30,
 2012:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr bgcolor="#DFE7F7">
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Shares</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Market Value</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Cost of</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Cost of</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Realized</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Dividend</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Shares</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Market Value</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DFE7F7">
<td valign="bottom" align="left"><font face="arial" size="2" color="#004B8E"><b>Affiliated
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<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>12/31/11</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>12/31/11</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Purchases</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Sales</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Gain (Loss)</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>Income</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>9/30/12</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center" nowrap><font face="arial" size="2" color="#004B8E">
<b>9/30/12</b></font></td>
<td><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="arial" size="2">Timberland
 Bancorp</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="arial" size="2">444,200</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="arial" size="2">$1,710,170</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
<td width="4%" valign="bottom" align="right"><font face="arial" size="2">444,200</font></td>
<td width="3%"><font face="arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="arial" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="arial" size="2">$2,660,758</font></td>
<td width="1%"><font face="arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="arial" size="1">&#160;</font></td>
<td align="left" bgcolor="#DFE7F7"><font face="arial" size="1" bgcolor="#DFE7F7">&#160;</font></td>
<td bgcolor="#DFE7F7" align="left"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"  align="left"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"  align="left"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"  valign="bottom" align="left"><font face="arial" size="2">&#160;</font></td>
<td bgcolor="#DFE7F7"  valign="bottom" align="right"><font face="arial" size="2">$1,710,170</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7" valign="bottom" align="center"><font face="arial" size="2">&#150;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
<td bgcolor="#DFE7F7" valign="bottom" align="left"><font face="arial" size="2">&#160;</font></td>
<td bgcolor="#DFE7F7" valign="bottom" align="right"><font face="arial" size="2">$2,660,758</font></td>
<td bgcolor="#DFE7F7"><font face="arial" size="1">&#160;</font></td>
</tr>
</table>
<p align="justify"><font face="arial" size="2">Other information regarding the Fund is
 available in the Fund&#146;s most recent Report to Stockholders. This information
 is available through The Royce Funds (<font color="#004B8E"><u>www.roycefunds.com</u></font>) and on the Securities
 and Exchange Commission&#146;s website (www.sec.gov).</font></p>
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<br clear="all" style="page-break-before:always;">
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<div><font face="Times New Roman" size="2">Item 2 - Controls and Procedures</font></div>
<div><font face="Times New Roman" size="2">(a) The Registrant&#146;s principal executive
 and principal financial officers have concluded, based on their evaluation of the
 Registrant&#146;s disclosure controls and procedures as of a date within 90 days
 of the filing date of this report (as required by Rule 30a-3(b) under the Investment
 Company Act of 1940 (the &#147;Act&#148;)), that the Registrant&#146;s disclosure
 controls and procedures (as defined by Rule 30a-3(c) under the Act) are reasonably
 designed to ensure that information required to be disclosed by the Registrant on
 Form N-Q is recorded, processed, summarized and reported within the required time
 periods and that information required to be disclosed by the Registrant in the reports
 that it files or submits on Form N-Q is accumulated and communicated to the Registrant&#146;s management, including its principal executive and principal financial officers,
 as appropriate to allow timely decisions regarding required disclosure.</font></div>
<p><font face="Times New Roman" size="2">(b) There were no changes in the Registrant&#146;s internal control over financial reporting (as defined in Rule 30a-3(d) under
 the Act) during the Registrant&#146;s last fiscal quarter that have materially affected,
 or are reasonably likely to materially affect, the internal control over financial
 reporting.</font></p>
<div><font face="Times New Roman" size="2">Item 3 - Exhibits</font></div>
<div><font face="Times New Roman" size="2">Certifications pursuant to Rule 30a-2(a)
 under the Act are attached hereto.</font></div><br>
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<p><font face="Times New Roman" size="2">SIGNATURES</font></p>
<p><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has
 duly caused this report to be signed on its behalf by the undersigned, thereunto
 duly authorized.</font></p>
<p><font face="Times New Roman" size="2">Royce Value Trust, Inc.<br>By:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br>Charles M. Royce<br>President, Royce Value Trust, Inc.<br>Date: November 20, 2012</font></p>
<p><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, this report has been
 signed below by the following persons on behalf of the Registrant and in the capacities
 and on the dates indicated.</font></p>
<p><font face="Times New Roman" size="2">By:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br>Charles M. Royce<br>President, Royce Value Trust, Inc.<br>Date: November 20, 2012</font></p>
<p><font face="Times New Roman" size="2">By:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ John D. Diederich</u><br>John D. Diederich<br>Treasurer, Royce Value Trust, Inc.<br>Date: November 20, 2012</font></p>
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<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e21388_ex99cert.htm
<TEXT>
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<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<p><font face="Times New Roman" size="2">1. I have reviewed this report on Form N-Q
 of Royce Value Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4. The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the Registrant and have:</font></p>
<p><font face="Times New Roman" size="2">(a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the Registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">(b) Designed such internal control over
 financial reporting, or caused such internal control over financial reporting to
 be designed under our supervision, to provide reasonable assurance regarding the
 reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with generally accepted accounting principles;</font></p>
<p><font face="Times New Roman" size="2">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">(d) Disclosed in this report any change
 in the Registrant&#146;s internal control over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal control
 over financial reporting; and</font></p>
<p><font face="Times New Roman" size="2">5. The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of directors (or persons performing the
 equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">(a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the Registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">(b) Any fraud, whether or not material,
 that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Date: November 20, 2012</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br>Charles M. Royce
 <br>President<br>
 Royce Value Trust, Inc.</font></p>
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<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<p><font face="Times New Roman" size="2">1. I have reviewed this report on Form N-Q
 of Royce Value Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4. The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the Registrant and have:</font></p>
<p><font face="Times New Roman" size="2">(a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the Registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">(b) Designed such internal control over
 financial reporting, or caused such internal control over financial reporting to
 be designed under our supervision, to provide reasonable assurance regarding the
 reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with generally accepted accounting principles;</font></p>
<p><font face="Times New Roman" size="2">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">(d) Disclosed in this report any change
 in the Registrant&#146;s internal control over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal control
 over financial reporting; and</font></p>
<p><font face="Times New Roman" size="2">5. The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of directors (or persons performing the
 equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">(a) All significant deficiencies and material
 weaknesses in the design or operation of internal controls over financial reporting
 which are reasonably likely to adversely affect the Registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">(b) Any fraud, whether or not material,
 that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Date: November 20, 2012</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ John D. Diederich</u><br>John D. Diederich<br>
 Treasurer<br>
 Royce Value Trust, Inc.</font></p>
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