<SEC-DOCUMENT>0000949377-17-000181.txt : 20170526
<SEC-HEADER>0000949377-17-000181.hdr.sgml : 20170526
<ACCEPTANCE-DATETIME>20170526113244
ACCESSION NUMBER:		0000949377-17-000181
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170526
DATE AS OF CHANGE:		20170526
EFFECTIVENESS DATE:		20170526

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:		17872499

	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>e48177_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 cellpadding="0" cellspacing="0" border="0" style="width: 40%">
<tr style="vertical-align: top">
    <td style="padding-left: 0; text-indent: 0; width: 10%"><font face="Times New Roman" size="2">Name of Fund:<br>Fund
Address: </font></td>
    <td style="padding-left: 0; text-indent: 0; width: 30%"><font face="Times New Roman" size="2">Royce Value Trust, Inc.<br>
    745 Fifth Avenue<br>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: 12/31/2017</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 3/31/2017</font></p>
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments</font></p>
<br clear="all" style="page-break-before:always;">
<!--page-->
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SCHEDULE OF
 INVESTMENTS</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">ROYCE VALUE
 TRUST</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">MARCH 31,
 2017 (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 valign="bottom" colspan="3" align="center"><font face="Arial" size="2">
<b>SHARES</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Arial" size="2">
<b>VALUE</b></font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Consumer
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cooper
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<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">102,400</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
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<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">4,541,440</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Gentex
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">260,570</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,557,958</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">LCI
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">63,116</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,298,977</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">27,100</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">832,783</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Sebang
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">28,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">940,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Standard
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,391</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,476,214</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">20,647,772</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Automobiles
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Thor
 Industries <sup><a href="#rvt2">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="bottom" align="right"><font face="Arial" size="2">102,010</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,806,221</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Distributors
 - 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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Core-Mark
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">220,900</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,889,871</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Fenix
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">255,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">395,250</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Uni-Select</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">30,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">803,229</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Weyco
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">97,992</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,751,615</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">10,839,965</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Diversified
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">AcadeMedia
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">90,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">559,948</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">American
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">970,960</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cambium
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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 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 align="left"><font face="Arial">&#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 valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">358,617</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><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="bottom" 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="bottom" align="right"><font face="Arial" size="2">22,499,654</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">97,741</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">806,363</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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">917,280</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="bottom" align="right"><font face="Arial" size="2">24,920</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="bottom" align="right"><font face="Arial" size="2">1,488,472</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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">86,661</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,162,192</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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,994,194</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="bottom" align="right"><font face="Arial" size="2">1,082,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,086,570</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">18,189,471</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">145,959,332</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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>
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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="bottom" align="right"><font face="Arial" size="2">105,500</font></td>
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<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="bottom" 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="bottom" align="right"><font face="Arial" size="2">341,415</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">211,016</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">78,716</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="bottom" align="right"><font face="Arial" size="2">2,896,749</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">606,560</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">53,695</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="bottom" align="right"><font face="Arial" size="2">2,903,826</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">187,459</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="bottom" align="right"><font face="Arial" size="2">1,302,840</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">146,308</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,464,619</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">24,652,056</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Central
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">381,821</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">204,000</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>
<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="bottom" 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="bottom" align="right"><font face="Arial" size="2">887,893</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
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<td valign="bottom" align="right"><font face="Arial" size="2">43,530</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="bottom" align="right"><font face="Arial" size="2">1,591,022</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">30,138,371</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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>
<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 valign="bottom" align="right"><font face="Arial" size="2">48,000</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="bottom" align="right"><font face="Arial" size="2">625,920</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="bottom" align="right"><font face="Arial" size="2">189,000</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="bottom" align="right"><font face="Arial" size="2">3,158,190</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">535,771</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,104,324</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">118,654</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,456,138</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">108,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,147,902</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 valign="bottom" align="right"><font face="Arial" size="2">89,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,924,730</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 valign="bottom" align="right"><font face="Arial" size="2">71,880</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">521,080</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">7,527,125</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">150,469</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">TGS-NOPEC
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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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<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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</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="bottom" align="right"><font face="Arial" size="2">51,927,347</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<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="bottom" align="right"><font face="Arial" size="2">61,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">495,880</font></td>
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<td valign="bottom" 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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,047,358</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">184,034</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="bottom" align="right"><font face="Arial" size="2">1,937,878</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Hargreaves
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">57,683</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">242,289</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">New
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<td valign="bottom" align="right"><font face="Arial" size="2">310,000</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="bottom" align="right"><font face="Arial" size="2">517,198</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">320,352</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="bottom" align="right"><font face="Arial" size="2">2,319,348</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">110,800</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="bottom" align="right"><font face="Arial" size="2">4,016,500</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">110,000</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="bottom" align="right"><font face="Arial" size="2">1,472,900</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">14,049,351</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">65,976,698</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 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>
<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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">582,473</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">178,416</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="bottom" align="right"><font face="Arial" size="2">5,693,254</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">65,080</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="bottom" align="right"><font face="Arial" size="2">1,161,678</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">279,500</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="bottom" align="right"><font face="Arial" size="2">6,185,423</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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">1,080</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,073,000</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="bottom" align="right"><font face="Arial" size="2">160,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,918,520</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="bottom" align="right"><font face="Arial" size="2">14,676</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 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 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 valign="bottom" align="right"><font face="Arial" size="2">7,363,906</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>
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<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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<tr>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">34,288,436</font></td>
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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 align="left"><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><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="bottom" align="right"><font face="Arial" size="2">130,500</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="bottom" align="right"><font face="Arial" size="2">3,059,151</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Owens
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,492</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">720,758</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">BofI
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">16,300</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="bottom" align="right"><font face="Arial" size="2">425,919</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">239,895</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,633,033</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">444,200</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="bottom" align="right"><font face="Arial" size="2">9,950,080</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Vestin
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">54</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">107,114</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">17,116,146</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">205,511,971</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 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>
<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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<tr>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">139,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">856,240</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Novavax
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">550,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">704,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Sangamo
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">469,315</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,440,438</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Zealand
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">467,707</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,545,176</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">11,545,854</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Analogic
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">53,735</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="bottom" align="right"><font face="Arial" size="2">4,078,486</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Atrion
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,750</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="bottom" align="right"><font face="Arial" size="2">7,374,150</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cerus
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">108,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">480,600</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="bottom" align="right"><font face="Arial" size="2">5,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">353,000</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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,704,480</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Invacare
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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 align="left"><font face="Arial">&#160;</font></td>
<td align="left"><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>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,860,555</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">67,819,953</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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>
<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 valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">910,228</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="bottom" align="right"><font face="Arial" size="2">117,200</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="bottom" align="right"><font face="Arial" size="2">3,374,188</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">140,338</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12,237,474</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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,060,600</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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,687,017</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">25,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">991,870</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,605,076</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Wesco
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,703,200</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">35,569,653</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">158,900</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,976,261</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">179,750</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,550,708</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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="bottom" align="right"><font face="Arial" size="2">149,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,932,160</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">24,459,129</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">13,000</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="bottom" align="right"><font face="Arial" size="2">1,193,400</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">51,400</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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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">36,000</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="bottom" align="right"><font face="Arial" size="2">572,400</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="bottom" align="right"><font face="Arial" size="2">341,655</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">70,000</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="bottom" align="right"><font face="Arial" size="2">90,883</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">78,980</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="bottom" align="right"><font face="Arial" size="2">2,854,337</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">698,365</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,814,994</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
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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>
<td align="left"><font face="Arial">&#160;</font></td>
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<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>
<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>
<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>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">7,635,835</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">10,755,816</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">9,115,672</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">314,200</font></td>
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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="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">3,254,580</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><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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">122,400</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 valign="bottom" align="right"><font face="Arial" size="2">132,460</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="bottom" align="right"><font face="Arial" size="2">11,345,199</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">139,100</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 valign="bottom" align="right"><font face="Arial" size="2">53,230</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="bottom" align="right"><font face="Arial" size="2">2,358,089</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="bottom" align="right"><font face="Arial" size="2">255,172</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="bottom" align="right"><font face="Arial" size="2">78,916</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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<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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">23,110,570</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,862</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,003,144</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">509,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,437,100</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="bottom" align="right"><font face="Arial" size="2">10,763</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="bottom" align="right"><font face="Arial" size="2">1,106,006</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">600,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">7,382,937</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">1,012,000</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="bottom" align="right"><font face="Arial" size="2">545,619</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">402,455,997</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="bottom" colspan="2" style="border-top: 2px solid black;">&#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>
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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="bottom" align="right"><font face="Arial" size="2">234,973</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="bottom" align="right"><font face="Arial" size="2">4,875,690</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">30,238</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="bottom" align="right"><font face="Arial" size="2">772,581</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">55,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">914,620</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">37,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,423,125</font></td>
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<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">859,250</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Sonus
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<td 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="bottom" 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="bottom" align="right"><font face="Arial" size="2">22,559,746</font></td>
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<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>
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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="bottom" align="right"><font face="Arial" size="2">8,184,620</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">178,700</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>
<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>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,418,370</font></td>
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<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>
<td valign="bottom" align="right"><font face="Arial" size="2">240,986,641</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 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>
<td align="left"><font face="Arial" size="1">&#160;</font></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="bottom" align="right"><font face="Arial" size="2">106,500</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">687,730</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">4,222,722</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">2,388,174</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">105,293</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="bottom" align="right"><font face="Arial" size="2">8,065,444</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">109,669</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>
<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="bottom" 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="bottom" align="right"><font face="Arial" size="2">29,909,591</font></td>
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<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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">13,892,450</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><font face="Arial" size="1">&#160;</font></td>
<td><font face="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>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">519,372</font></td>
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<tr>
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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="bottom" align="right"><font face="Arial" size="2">7,684,323</font></td>
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<tr>
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</tr>
<tr>
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<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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</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">844,500</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">4,483,340</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="bottom" align="right"><font face="Arial" size="2">1,769,297</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="bottom" align="right"><font face="Arial" size="2">11,197,999</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>
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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="bottom" align="right"><font face="Arial" size="2">533,750</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="bottom" align="right"><font face="Arial" size="2">2,190,300</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Tree
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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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">101,290</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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,673,320</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,700,390</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
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<td valign="bottom" align="right"><font face="Arial" size="2">453,967</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="bottom" align="right"><font face="Arial" size="2">360,704</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">39,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,158,431</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,519,135</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">99,980,567</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 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>
<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>
<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="bottom" align="right"><font face="Arial" size="2">264,566</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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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<td valign="bottom" align="right"><font face="Arial" size="2">24,200</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="bottom" align="right"><font face="Arial" size="2">529,548</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">135,100</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="bottom" align="right"><font face="Arial" size="2">8,146,530</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Forestar
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<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,392,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">FRP
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">178,558</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,142,320</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,248,860</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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="bottom" align="right"><font face="Arial" size="2">256,313</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,300,174</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Real
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">500,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">372,738</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">RMR
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">27,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,346,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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="bottom" align="right"><font face="Arial" size="2">177,000</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="bottom" align="right"><font face="Arial" size="2">3,017,850</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,881,166</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">38,377,886</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">38,642,452</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 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>
<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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">China
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">750,182</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">491,337</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">HKBN</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">500,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">559,094</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">1,050,431</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Boingo
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">649,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">208,270</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,521,238</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,170,738</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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="bottom" align="right"><font face="Arial" size="2">7,221,169</font></td>
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</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 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>
<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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">110,000</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="bottom" align="right"><font face="Arial" size="2">745,980</font></td>
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<td valign="bottom" 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="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">424,145</font></td>
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</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 valign="bottom" align="right"><font face="Arial" size="2">1,170,125</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Independent
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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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Calpine
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,105,000</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" 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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Just
 Energy Group <sup><a href="#rvt2">2</a>,<a href="#rvt4">4</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">115,935</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" 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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,391,060</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Miscellaneous <sup><a href="#rvt7">7</a></sup></b> &#150;<b> 1.2%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,404,569</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost
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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 valign="bottom" align="right"><font face="Arial" size="2">1,322,488,780</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><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>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Arial" size="2">Fixed
 Income Clearing Corporation,<br>0.09% dated 3/31/17, due 4/3/17,<br>maturity value
 $75,239,564 (collateralized<br>by obligations of various U.S. Government<br>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 valign="bottom" align="right"><font face="Arial" size="2">75,239,000</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>TOTAL INVESTMENTS
</b>&#150;<b> 105.1%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost
 $1,038,939,053)</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 valign="bottom" align="right"><font face="Arial" size="2">1,397,727,780</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>LIABILITIES
 LESS CASH</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">(67,414,684</font></td>
<td valign="bottom" 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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>NET ASSETS
</b>&#150;<b> 100.0%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>1,330,313,096
</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 align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid black;">&#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="rvt1">1</a></sup></font></td>
<td valign="bottom" align="justify"><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="rvt2">2</a></sup></font></td>
<td valign="bottom" align="justify"><font face="Arial" size="2">All or
 a portion of these securities were pledged as collateral in connection with the
 revolving credit agreement at March 31, 2017. Total market value of pledged securities
 at March 31, 2017, was $111,059,795.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="rvt3">3</a></sup></font></td>
<td valign="bottom" align="justify"><font face="Arial" size="2">At March
 31, 2017, 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></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="rvt4">4</a></sup></font></td>
<td valign="bottom" align="justify"><font face="Arial" size="2">At March
 31, 2017, a portion of these securities were rehypothecated in connection with the
 revolving credit agreement in the aggregate amount of $36,521,375.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="rvt5">5</a></sup></font></td>
<td valign="bottom" 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></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="rvt6">6</a></sup></font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Arial" size="2">Securities
 for which market quotations are not readily available represent 0.1% of net assets.
 These securities have been valued at their fair value under procedures approved by
 the Fund&#146;s Board of Directors. These securities are defined as Level 3 securities
 due to the use of significant unobservable inputs in the determination of fair value.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="2"><sup><a name="rvt7">7</a></sup></font></td>
<td valign="bottom" align="justify"><div align="justify"><font face="Arial" size="2">Includes
 securities first acquired in 2017 and less than 1% of net assets.</font></div></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2"><b><br>TAX INFORMATION:</b> The cost of
 total investments for Federal income tax purposes was $1,041,046,362. At March 31,
 2017, net unrealized appreciation for all securities was $356,681,418, consisting
 of aggregate gross unrealized appreciation of $442,112,899 and aggregate gross unrealized
 depreciation of $85,431,481. The primary cause of the 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="10%" valign="top" align="right"><font face="Arial" size="2">Level 1
&#160;&#150;&#160;</font></td>
<td valign="bottom" align="justify"><font face="Arial" size="2">quoted
 prices in active markets for identical securities.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Arial" size="2">Level 2
&#160;&#150;&#160;</font></td>
<td valign="bottom" align="justify"><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 valign="top" align="right"><font face="Arial" size="2">Level 3
&#160;&#150;&#160;</font></td>
<td valign="bottom" align="justify"><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 March 31, 2017. 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="bottom" align="center"><font face="Arial" size="2"><b>Level
 1</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Level
 2</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Level
 3</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Total
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="9" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Common Stocks</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="9%" valign="bottom" align="right"><font face="Arial" size="2">$1,285,968,405</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">$35,628,312</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">$892,063</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="9%" valign="bottom" align="right"><font face="Arial" size="2">$1,322,488,780</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Cash Equivalents</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,239,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">75,239,000</font></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2"><br>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 three months ended March 31, 2017, securities valued at $4,772,538 were
 transferred from Level 1 to Level 2 and securities valued at $79,601,401 were transferred
 from Level 2 to Level 1 within the fair value hierarchy.</font></p>
<p align="justify"><font face="Arial" size="2"><br>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 valign="bottom" 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>
</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="bottom" align="center"><font face="Arial" size="2"><b>Balance
 as of 12/31/16</b></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 nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Balance
 as of 3/31/17</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="8" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Common Stocks</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="center"><font face="Arial" size="2">$892,063</font></td>
<td width="4%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="center"><font face="Arial" size="2">$0</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" 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><br>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 March 31, 2017 is overnight and continuous.</font></p>
<p align="justify"><font face="Arial" size="2"><b>Borrowings:</b><br>The Fund is party to a revolving credit
 agreement (the credit agreement) with BNP Paribas Prime Brokerage International,
 Limited (BNPPI). As of March 31, 2017, the Fund has outstanding borrowings of $70,000,000.
 During the period ended March 31, 2017, 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 or as otherwise required by applicable regulatory
 standards and has granted a security interest in the securities pledged to, and
 in favor of, BNPPI 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 which may necessitate
 the sale of portfolio securities at potentially inopportune times. BNPPI may terminate
 the credit agreement upon certain ratings downgrades of its corporate parent, which
 would result in the Fund&#146;s entire loan balance becoming immediately due and
 payable. The occurrence of such ratings downgrades may necessitate the sale of portfolio
 securities at potentially inopportune times. The credit agreement also permits,
 subject to certain conditions, BNPPI 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 BNPPI on demand. If BNPPI
 fails to deliver the recalled security in a timely manner, the Fund is compensated
 by BNPPI for any fees or losses related to the failed delivery or, in the event
 a recalled security is not returned by BNPPI, the Fund, upon notice to BNPPI, may
 reduce the loan balance outstanding by the value of the recalled security failed
 to be returned. The Fund receives a portion of the fees earned by BNPPI 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 three months ended March 31, 2017:</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 colspan="2" style="vertical-align: bottom; text-align: center"><font face="Arial" size="2"><b>Shares&ensp;
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td colspan="2" 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 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 valign="bottom" align="center"><font face="Arial" size="2"><b>Proceeds
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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 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 colspan="2" style="vertical-align: bottom; text-align: right; padding-right: 1em"><font face="Arial" size="2"><b>Shares
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Arial" size="2"><b>Market
 Value</b></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  valign="bottom" align="right"><font face="Arial" size="2"><b>12/31/16</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>

<td><font face="Arial" size="1">&#160;</font></td>
<td  valign="bottom" align="right"><font face="Arial" size="2"><b>12/31/16</b></font></td>

<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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 nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>from
 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 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 valign="bottom" align="right"><font face="Arial" size="2"><b>3/31/17</b></font></td>

<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b>3/31/17</b></font></td>

<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="25" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Stanley Furniture</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">912,235</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td width="8%" valign="bottom" align="right"><font face="Arial" size="2">821,194</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Arial" size="2"> &#150;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" 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%" valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">711,543</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Timberland
 Bancorp</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">444,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,177,172</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">48,862</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">444,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,950,080</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#d9d9d9">
<td bgcolor="#ffffff" align="left"><font face="Arial" size="1">&#160;</font></td>
<td bgcolor="#ffffff" align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">9,998,366</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">48,862</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,661,623</font></td>
<td><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>
<br clear="all" style="page-break-before:always;">
<!--page-->
<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>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Royce Value
 Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By:</font></td>
</tr>
<tr><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">/s/ Christopher
 D. Clark</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">President,
 Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: May
 26, 2017</font></td>
</tr>
</table>

<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="40%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By:</font></td>
</tr>
<tr><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">/s/ Christopher
 D. Clark</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">President,
 Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: May
 26, 2017</font></td>
</tr>
<tr><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>
</tr>
<tr><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">/s/ Peter
 K. Hoglund</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Treasurer,
 Royce Value Trust, Inc.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: May
 26, 2017</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e48177_ex99.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>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: May
 26, 2017</font></td>
</tr>
<tr><td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr><td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr><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">/s/ Christopher
 D. Clark</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Christopher
 D. Clark</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">President</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Royce Value
 Trust, Inc.</font></td>
</tr>
</table>
<br clear="all" style="page-break-before:always;">
<!--page-->
<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>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: May
 26, 2017</font></td>
</tr>
<tr><td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr><td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr><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">/s/ Peter
 K. Hoglund</font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Peter K. Hoglund</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Treasurer</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Royce Value
 Trust, Inc.</font></td>
</tr>
</table>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
