<SEC-DOCUMENT>0000949377-16-000769.txt : 20161121
<SEC-HEADER>0000949377-16-000769.hdr.sgml : 20161121
<ACCEPTANCE-DATETIME>20161121131446
ACCESSION NUMBER:		0000949377-16-000769
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160930
FILED AS OF DATE:		20161121
DATE AS OF CHANGE:		20161121
EFFECTIVENESS DATE:		20161121

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:		162009805

	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>e44495_rvt-nq.htm
<TEXT>
<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 width="8%" valign="bottom" align="left" nowrap><font face="Times New Roman" size="2">Name of Fund:&ensp;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">Fund Address:</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">745 Fifth Avenue</font></td>
</tr>
<tr>
<td>&#160;</td>
<td valign="top" 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, LP<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: 12/31/2016</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 9/30/2016</font></p>

<!--page-->
<br clear="all" style="page-break-before:always;">
<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="top" align="left"><font face="Arial" size="2"> SCHEDULE
 OF INVESTMENTS</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">ROYCE VALUE
 TRUST</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">SEPTEMBER
 30, 2016 (UNAUDITED)</font></td>
</tr>
</table>
<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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Arial" size="2"><b>SHARES
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="left"><font face="Arial" size="2"><b>COMMON
 STOCKS</b> &#150; <b>99.7%</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>
</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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>Consumer
 Discretionary</b> &#150; <b>10.9%</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>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Auto Components
 - 1.2%</font></td>
<td><font face="Arial" 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>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cooper
 Tire &#038; Rubber</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">19,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">$</font></td>
<td valign="top" align="right"><font face="Arial" size="2">745,192</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Drew
 Industries</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">60,516</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,931,779</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">273,170</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,796,865</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Sebang
 Global Battery</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">28,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">958,946</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Standard
 Motor Products</font></p></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="top" align="right"><font face="Arial" size="2">50,391</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="5%" valign="top" align="right"><font face="Arial" size="2">2,406,674</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">14,839,456</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Automobiles
 - 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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Thor
 Industries <sup><a href="#44495rvt_1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">127,210</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">10,774,687</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Distributors
 - 1.0%</font></td>
<td><font face="Arial" 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>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Core-Mark
 Holding Company</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">245,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,785,320</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Fenix
 Parts <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">255,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,009,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">2,633,045</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">12,428,165</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Diversified
 Consumer Services - 0.8%</font></td>
<td><font face="Arial" 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>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">American
 Public Education <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">42,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">839,944</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Collectors
 Universe</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">926,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">DeVry
 Education Group</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">52,054</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,200,365</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Liberty
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">141,573</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,809,303</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">LifeLock
 <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">142,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,402,640</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">430,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">947,320</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">504,032</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">897,177</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#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><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">131,100</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">22,937,758</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">94,441</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">954,799</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">29,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">875,238</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">36,420</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,168,811</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,940</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,521,600</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>
<td valign="top" align="right"><font face="Arial" size="2">360,200</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,295,406</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,082,600</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">17,084,837</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</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 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><font face="Arial" 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>
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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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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,705,460</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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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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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cal-Maine
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<td valign="top" align="right"><font face="Arial" size="2">41,916</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">44,100</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,567,755</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">60,795</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,049,477</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">17,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">882,876</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">14,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,377,519</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">157,831</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,457,147</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">13,840</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">506,544</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">SunOpta
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">187,459</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,323,461</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">100,504</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,701,562</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,973,544</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">892,063</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">19,373,847</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">38,030</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,227,228</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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 valign="top" align="right"><font face="Arial" size="2">23,306,535</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</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 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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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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>
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<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">53,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">579,820</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Diamond
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">154,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,711,940</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Era
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">559,771</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,506,157</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="top" align="right"><font face="Arial" size="2">161,418</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,205,761</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">108,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,411,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">101,230</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,812,779</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">71,880</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">492,378</font></td>
<td><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 valign="top" align="right"><font face="Arial" size="2">41,433</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,308,040</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Pason
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">508,680</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,509,956</font></td>
<td><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 valign="top" align="right"><font face="Arial" size="2">170,469</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">10,141,201</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">309,170</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,586,478</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Trican
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">897,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,839,809</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">45,106,119</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Dorchester
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">177,172</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,730,220</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Dorian
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">184,034</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,104,204</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">786,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">57,683</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">142,424</font></td>
<td><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 valign="top" align="right"><font face="Arial" size="2">350,352</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,067,077</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="top" align="right"><font face="Arial" size="2">66,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,080,916</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">WPX
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">1,450,900</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">11,361,741</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
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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 valign="top" align="right"><font face="Arial" size="2">56,467,860</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">178,416</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,417,580</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">104,180</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,564,784</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Canadian
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">279,500</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,379,302</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">7,470,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Fauquier
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">2,329,992</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">17,026</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,003,771</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">26,165,429</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Ares
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">375,900</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,544,419</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">214,400</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,831,680</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">199,821</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,955,353</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">1,114,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,098,991</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">20,200</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">716,292</font></td>
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</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">17,500</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">257,633</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">430,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,669,603</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">11,799,921</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,102,927</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cowen
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">250,824</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">910,491</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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="top" align="right"><font face="Arial" size="2">2,709</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,422,279</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Atlas
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">30,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">473,100</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">eHealth <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">55,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">616,550</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">E-L
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">21,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">11,471,474</font></td>
<td><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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,551,750</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Independence
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">314,523</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,403,505</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="top" align="right"><font face="Arial" size="2">942,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">7,341,296</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">17,139</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">899,455</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">WMIH <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">77,742</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">181,916</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">30,361,325</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">RIT
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">130,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,951,624</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Genworth
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">230,895</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,941,549</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Timberland
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">6,996,150</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">53,557</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">136,570</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">13,074,269</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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>
<td valign="top" align="right"><font face="Arial" size="2">191,269,451</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">119,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,629,110</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Keryx
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">160,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">849,600</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">344,315</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,594,178</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Zealand
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">462,207</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,894,152</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">10,967,040</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Analogic
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<td valign="top" align="right"><font face="Arial" size="2">719,140</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">6,800</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">82,800</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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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 align="left"><font face="Arial">&#160;</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">44,291</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,761,206</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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 valign="top" align="right"><font face="Arial" size="2">52,859,623</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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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>
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<td valign="top" align="right"><font face="Arial" size="2">688,670</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">776,963</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">2,676,848</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">140,338</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">9,711,390</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">80,808</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,889,692</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">182,779</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,237,456</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="top" align="right"><font face="Arial" size="2">28,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">687,960</font></td>
<td><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 valign="top" align="right"><font face="Arial" size="2">20,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,223,358</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">588,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">7,896,840</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">31,100,507</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
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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>
<td><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 valign="top" align="right"><font face="Arial" size="2">158,900</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,186,528</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">189,250</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,186,955</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">6,089,544</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">22,463,027</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
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<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">2,033,395</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Burnham
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">608,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">dorma+kaba
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">444,056</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">50,080</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,814,899</font></td>
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</tr>
<tr>
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<td valign="top" align="right"><font face="Arial" size="2">14,750</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">913,320</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,814,070</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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="top" align="right"><font face="Arial" size="2">230,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,950,400</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">99,028</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,117,036</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">211,100</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,444,538</font></td>
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</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">219,960</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#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>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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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>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">42,169,917</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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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>
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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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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">34,490,033</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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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 align="left"><font face="Arial">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">619,661</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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 valign="top" align="right"><font face="Arial" size="2">345,387,328</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</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 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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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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>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">ADTRAN <sup><a href="#44495rvt_1">1</a>,<a href="#44495rvt_3">3</a></sup></font></p></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">239,273</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,579,685</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">30,238</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">729,945</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Clearfield <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">55,600</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,045,280</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">NetScout
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">61,700</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,804,725</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Oclaro <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">87,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">748,125</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,907,760</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Electronic
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Anixter
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">70,895</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">4,572,727</font></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 valign="top" align="right"><font face="Arial" size="2">99,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">15,703</font></td>
<td><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 valign="top" align="right"><font face="Arial" size="2">214,870</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">11,358,028</font></td>
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</tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">126,416</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">13,974,025</font></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 valign="top" align="right"><font face="Arial" size="2">38,250</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,076,593</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">DTS</font></p></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">3,828,600</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">FARO
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">154,867</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,567,469</font></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 valign="top" align="right"><font face="Arial" size="2">302,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">9,488,840</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">HollySys
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">51,082</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,132,488</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="top" 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="top" align="right"><font face="Arial" size="2">589,119</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">IPG
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">74,570</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,140,840</font></td>
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</tr>
<tr>
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<td valign="top" 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="top" align="right"><font face="Arial" size="2">492,163</font></td>
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</tr>
<tr>
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<td valign="top" align="right"><font face="Arial" size="2">776,544</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">1,452,137</font></td>
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</tr>
<tr>
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<td valign="top" align="right"><font face="Arial" size="2">60,830</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,127,225</font></td>
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</tr>
<tr>
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<td valign="top" align="right"><font face="Arial" size="2">261,850</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">7,436,540</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">49,500</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,465,695</font></td>
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</tr>
<tr>
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<td valign="top" align="right"><font face="Arial" size="2">357,700</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,403,744</font></td>
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</tr>
<tr>
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<td valign="top" align="right"><font face="Arial" size="2">150,600</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">7,045,068</font></td>
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</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">573,732</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,889,903</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="top" align="right"><font face="Arial" size="2">6,681</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">266,600</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,609,014</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Intevac <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">214,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,265,550</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">7,874,564</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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 valign="top" align="right"><font face="Arial" size="2">211,644,573</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
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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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">75,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">112,500</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">48,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">547,080</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">3,734,093</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">36,883</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,242,855</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">256,498</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">289,843</font></td>
<td><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 valign="top" align="right"><font face="Arial" size="2">91,893</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,495,916</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">109,669</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">11,617,237</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">25,039,524</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">50,518</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">12,174,838</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">34,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,739,181</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">263,300</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">2,167,491</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">36,966</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">409,953</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">90,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">648,000</font></td>
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</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">240,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">302,400</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">49,300</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">445,179</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">127,300</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,894,451</font></td>
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<tr>
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<td valign="top" align="right"><font face="Arial" size="2">1,794,500</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">113,900</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">4,226,829</font></td>
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<td valign="top" align="right"><font face="Arial" size="2">1,831,410</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">314,349</font></td>
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</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Lundin
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<td valign="top" align="right"><font face="Arial" size="2">640,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,531,804</font></td>
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</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">406,543</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,967,718</font></td>
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</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">165,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,694,081</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Reliance
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">137,240</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">9,885,397</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Royal
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">16,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,285,338</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Seabridge
 Gold <sup><a href="#44495rvt_2">2</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">282,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,110,460</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">178,800</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,675,356</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">148,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">7,108,440</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">50,293,156</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">TFS
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">453,967</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">519,424</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">91,766,123</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 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>
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">AV
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">66,100</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,099,904</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">FirstService
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">135,100</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,306,468</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">102,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,194,420</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">FRP
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">207,936</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,460,572</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">101,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">2,284,315</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Marcus
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">251,313</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">6,571,835</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">177,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">3,253,260</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">360,035</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">8,756,051</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">35,926,825</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">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>
<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="top" align="right"><font face="Arial" size="2">208,270</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,660,778</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">5,660,778</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>Utilities
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Gas Utilities
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Shizuoka
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">867,912</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Toho
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">60,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">561,642</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 valign="top" align="right"><font face="Arial" size="2">1,429,554</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Multi-Utilities
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Just
 Energy Group <sup><a href="#44495rvt_1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">18,520</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">93,896</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
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<tr>
<td valign="top" align="left"><font face="Arial" size="2"><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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">1,523,450</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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 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="top" align="left"><font face="Arial" size="2"><b>Miscellaneous<sup><a href="#44495rvt_7">7</a></sup></b> &#150; <b> 4.4%</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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">53,466,001</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $958,463,363)</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 valign="top" align="right"><font face="Arial" size="2">1,199,755,422</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>REPURCHASE
 AGREEMENT</b> &#150; <b>5.7%</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>
</tr>
<tr>
<td valign="top" 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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">0.03%
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">maturity
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">by
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Agencies,
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">$69,268,256)</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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $67,910,000)</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><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">67,910,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#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><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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $1,026,373,363)</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 valign="top" align="right"><font face="Arial" size="2">1,267,665,422</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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>LIABILITIES
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><b>
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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 valign="top" align="right"><font face="Arial" size="2">(64,471,879</font></td>
<td valign="top" align="left"><font face="Arial" size="2">)</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><b>NET ASSETS
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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="top" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="top" align="right"><font face="Arial" size="2"><b> 1,203,193,543
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="top" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Arial" size="2"><sup><a name="44495rvt_1">1</a></sup></font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">All or a portion
 of these securities were pledged as collateral in connection with the Fund&#146;s
 revolving credit agreement at September 30, 2016. Total market value of pledged
 securities at September 30, 2016, was $112,115,713.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="44495rvt_2">2</a></sup></font></td>
<td valign="top" 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="44495rvt_3">3</a></sup></font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">At September
 30, 2016, a portion of these securities were rehypothecated in connection with the
 Fund&#146;s revolving credit agreement in the aggregate amount of $65,020,180.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="44495rvt_4">4</a></sup></font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">At September
 30, 2016, the Fund owned 5% or more of the Company&#146;s outstanding voting securities
 thereby making the Company an Affiliated Company as that term is defined in the
 Investment Company Act of 1940.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="44495rvt_5">5</a></sup></font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">These securities
 are defined as Level 2 securities due to fair value being based on quoted prices
 for similar securities.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="44495rvt_6">6</a></sup></font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">A security
 for which market quotations are not readily available represents 0.1% of net assets.
 This security has been valued at its fair value under procedures approved by the
 Fund&#146;s Board of Directors. This security is defined as a Level 3 security 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="44495rvt_7">7</a></sup></font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">Includes securities
 first acquired in 2016 and less than 1% of net assets.</font></div></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2"><b>TAX INFORMATION:</b> The cost of total
 investments for Federal income tax purposes was $1,028,710,745. At September 30,
 2016, net unrealized appreciation for all securities was $238,954,677, consisting
 of aggregate gross unrealized appreciation of $339,052,580 and aggregate gross unrealized
 depreciation of $100,097,903. 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 highest 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="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="3%" valign="top" align="left"><font face="Arial" size="2">Level 1</font></td>
<td nowrap width="1%" valign="top" align="center"><font face="Arial" size="2">&#160;&#150;&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">quoted prices
 in active markets for identical securities.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="top" align="left"><font face="Arial" size="2">Level 2</font></td>
<td valign="top" align="center"><font face="Arial" size="2">&#150;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Level 2 securities with values based on quoted prices for similar
 securities are noted in the Schedule of Investments.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="top" align="left"><font face="Arial" size="2">Level 3</font></td>
<td valign="top" align="center"><font face="Arial" size="2">&#150;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Arial" size="2">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).</font></div></td>
</tr>
</table>
<div align="justify"><font face="Arial" size="2">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, 2016. For a detailed breakout of common
 stocks by sector classification, please refer to the Schedule of Investments.</font></div>
<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="top" align="center"><font face="Arial" size="2"><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 valign="top" align="center"><font face="Arial" size="2"><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 valign="top" align="center"><font face="Arial" size="2"><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 valign="top" align="center"><font face="Arial" size="2"><b>Total
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Common Stocks</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" valign="top" align="right"><font face="Arial" size="2">$1,094,601,884</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="9%" valign="top" align="right"><font face="Arial" size="2">$104,261,475</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" valign="top" align="right"><font face="Arial" size="2">$892,063</font></td>
<td width="6%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" valign="top" align="right"><font face="Arial" size="2">$1,199,755,422</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Cash Equivalents</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">67,910,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">67,910,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2">Certain securities have transferred in and
 out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes
 transfers between levels as of the end of the reporting period. For the nine months
 ended September 30, 2016, securities valued at $4,756,595 were transferred from
 Level 1 to Level 2 and securities valued at $6,612,409 were transferred from Level
 2 to Level 1 within the fair value hierarchy.</font></p>
<p align="justify"><font face="Arial" size="2">Level 3 Reconciliation:</font></p>
<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 valign="top" align="center"><font face="Arial" size="2"><b>Unrealized
</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>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="top" align="center"><font face="Arial" size="2"><b>Balance
 as of 12/31/15</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Arial" size="2"><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="top" align="center"><font face="Arial" size="2"><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="top" align="center" nowrap><font face="Arial" size="2"><b>Balance
 as of 9/30/16</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="top" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Common Stocks</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="top" align="center"><font face="Arial" size="2">$167,629</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="15%" valign="top" align="center"><font face="Arial" size="2">$1,187,434</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="15%" valign="top" align="center"><font face="Arial" size="2">$(463,000)</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="15%" valign="top" align="center"><font face="Arial" size="2">$892,063</font></td>
<td width="2%"><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. The remaining contractual maturity of the repurchase agreement held
 by the Fund at September 30, 2016 is overnight and continuous.</font></p>
<p align="justify"><font face="Arial" size="2"><b>Borrowings:<br></b>The Fund has entered
 into a revolving credit agreement (the credit agreement) with BNP Paribas Prime
 Brokerage Inc. (BNPP). As of September 30, 2016, the Fund has outstanding borrowings
 of $70,000,000. During the period ended September 30, 2016, the Fund borrowed an
 average daily balance of $70,000,000. The Fund pays a commitment fee of 0.50% per
 annum on the unused portion of the credit agreement. The credit agreement has a
 360-day rolling term that resets daily; however, if the Fund exceeds certain net
 asset value triggers, the credit agreement may convert to a 60-day rolling term
 that resets daily. The Fund is required to pledge portfolio securities as collateral
 in an amount up to two times the loan balance outstanding and has granted a security
 interest in the securities pledged to, and in favor of, BNPP as security for the
 loan balance outstanding. If the Fund fails to meet certain requirements, or maintain
 other financial covenants required under the credit agreement, the Fund may be required
 to repay immediately, in part or in full, the loan balance outstanding under the
 credit agreement necessitating the sale of portfolio securities at potentially inopportune
 times. The credit agreement also permits, subject to certain conditions, BNPP to
 rehypothecate portfolio securities pledged by the Fund up to the amount of the loan
 balance outstanding. The Fund continues to receive payments in lieu of dividends
 and interest on rehypothecated securities. The Fund also has the right under the
 credit agreement to recall the rehypothecated securities from BNPP on demand. If
 BNPP fails to deliver the recalled security in a timely manner, the Fund is compensated
 by BNPP for any fees or losses related to the failed delivery or, in the event a
 recalled security is not returned by BNPP, the Fund, upon notice to BNPP, may reduce
 the loan balance outstanding by the amount of the recalled security failed to be
 returned. The Fund receives a portion of the fees earned by BNPP in connection with
 the rehypothecation of portfolio securities.</font></p>
<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,
 2016:</font></p>
<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 nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Shares
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Market
 Value</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Cost
 of</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Cost
 of</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Realized
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Dividend
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Shares
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Market
 Value</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2"><b>Affiliated
 Company</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/15
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/15
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Purchases
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Sales
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><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 nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Income
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>9/30/16
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>9/30/16
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="23" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Stanley Furniture</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="right"><font face="Arial" size="2">1,012,235</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="top" align="right"><font face="Arial" size="2">$2,824,136</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="right"><font face="Arial" size="2">$265,000</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="top" align="right"><font face="Arial" size="2">$10,000</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="top" align="right"><font face="Arial" size="2">$1,140,294</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="right"><font face="Arial" size="2">912,235</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="top" align="right"><font face="Arial" size="2">$1,632,900</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2">Timberland
 Bancorp</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">5,512,522</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" 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="top" align="right"><font face="Arial" size="2">111,050</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="Arial" size="2">6,996,150</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 bgcolor="#D1D1D4" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4" align="left"><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#D1D1D4"><font face="Arial" size="1">&#160;</font></td>
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<td bgcolor="#D1D1D4"><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 (<u>www.roycefunds.com</u>) and on the Securities
 and Exchange Commission&#146;s website (www.sec.gov).</font></p>

<!--page-->
<br clear="all" style="page-break-before:always;">
<p><font face="Times New Roman" size="2">Item 2 - Controls and Procedures<br>(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></p>
<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>
<p><font face="Times New Roman" size="2">Item 3 - Exhibits<br>Certifications pursuant
 to Rule 30a-2(a) under the Act are attached hereto.</font></p>

<p><font face="Times New Roman" size="2">SIGNATURES</font></p>
<p><font face="Times New Roman" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has
 duly caused this report to be signed on its behalf by the undersigned, thereunto
 duly authorized.</font></p>
<p><font face="Times New Roman" size="2">Royce Value Trust, Inc.<br>By:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">/s/ Christopher
 D. Clark</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="top" style="border-top: 1px solid #000000;">&#160;</td>
<td width="87%"><font face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Christopher D. Clark</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
President, Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Date: November 21, 2016</font></td>
</tr>
</table>
<br>
<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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">/s/ Christopher
 D. Clark</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="top" style="border-top: 1px solid #000000;">&#160;</td>
<td width="87%"><font face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Christopher D. Clark</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
President, Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Date: November 21, 2016</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">/s/ Peter
 K. Hoglund</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="top" style="border-top: 1px solid #000000;">&#160;</td>
<td width="87%"><font face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Peter K. Hoglund</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Treasurer, Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
Date: November 21, 2016</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e44495_ex99rvt-nq.htm
<TEXT>
<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
									 <p><font face="Times New Roman" size="2">I, Christopher D. Clark, 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 21, 2016</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">/s/ Christopher
	   D. Clark</font></td>
											<td><font face="Times New Roman" size="1">&#160;</font></td>
											</tr>
											<tr style="font-size:1px;">
											<td valign="top" style="border-top: 1px solid #000000;">&#160;</td>
											<td width="87%"><font face="Times New Roman">&#160;</font></td>
											</tr>
		<tr>
											 <td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
											 Christopher D. Clark</font></td>
		</tr>
											 <tr>
		<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
		President</font></td>
		</tr>
		<tr>
		<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
											 Royce Value Trust, Inc.</font></td>
		</tr>
		</table>
		<!--page-->
		   <br clear="all" style="page-break-before:always;">
								 <p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
												<p><font face="Times New Roman" size="2">I, Peter K. Hoglund, 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 21, 2016</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">/s/ Peter
	   K. Hoglund</font></td>
											<td><font face="Times New Roman" size="1">&#160;</font></td>
											</tr>
											<tr style="font-size:1px;">
											<td valign="top" style="border-top: 1px solid #000000;">&#160;</td>
											<td width="87%"><font face="Times New Roman">&#160;</font></td>
											</tr>
		<tr>
											 <td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
											 Peter K. Hoglund</font></td>
		</tr>
											 <tr>
		<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
		Treasurer</font></td>
		</tr>
		<tr>
		<td valign="bottom" colspan="2" align="left"><font face="Times New Roman" size="2">
											 Royce Value Trust, Inc.</font></td>
		</tr>
		</table>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
