<SEC-DOCUMENT>0000949377-18-000262.txt : 20181126
<SEC-HEADER>0000949377-18-000262.hdr.sgml : 20181126
<ACCEPTANCE-DATETIME>20181126135805
ACCESSION NUMBER:		0000949377-18-000262
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180930
FILED AS OF DATE:		20181126
DATE AS OF CHANGE:		20181126
EFFECTIVENESS DATE:		20181126

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:		181200559

	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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE VALUE TRUST INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>e58674_rvt-nq.htm
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">UNITED STATES</P>

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

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

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

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD width=4% nowrap><FONT STYLE="font-family: Times New Roman, Times, Serif">Name of Fund:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Royce Value Trust, Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fund Address:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">745 Fifth Avenue</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">New York, NY 10151</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Registrant&#8217;s telephone number, including area code: (212)
508-4500</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end: 12/31/2018</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of reporting period: 9/30/2018</P>

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

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

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

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


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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SCHEDULE OF
 INVESTMENTS</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">ROYCE VALUE
 TRUST</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">SEPTEMBER
 30, 2018 (UNAUDITED)</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>SHARES
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>VALUE
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><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>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Communication
 Services</b> &#150; <b>1.8%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Entertainment
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Global
 Eagle Entertainment <sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">110,000</font></td>
<td width="3%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">310,200</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">Rosetta
 Stone <sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">795,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">1,105,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">Interactive
 Media &#038; Services - 0.3%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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">QuinStreet
<sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">180,254</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,446,047</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">TripAdvisor
<sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,553,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">4,999,547</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">Media - 1.0%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cable
 One</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">3,885</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,432,825</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">comScore
<sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">390,836</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,124,940</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Gray
 Television <sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">875,000</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">Liberty
 Latin America Cl. C <sup><a href="#e58674_rvt1">1</a></sup></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">246,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,081,169</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Pico
 Far East Holdings</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">2,612,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,027,827</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">17,541,761</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">Wireless Telecommunication
 Services - 0.4%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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">Boingo
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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">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,745,000</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">Telephone
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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">165,270</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,029,166</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 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">6,774,166</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">30,421,274</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">62,500</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">1,341,250</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">73,616</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,095,405</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">13,391</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">659,105</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>
<td><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">16,018,520</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">100,430</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">8,405,991</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>
<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">416,100</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">14,130,756</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">171,200</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,421,904</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">97,992</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,447,358</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>
<td><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">23,000,018</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">71,100</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,052,280</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">100,000</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">700,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">151,573</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,765,826</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">504,032</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">1,340,725</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">4,858,831</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">207,600</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<td valign="bottom" align="right"><font face="Arial" size="2">14,700</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">3,719,100</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">711,480</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 valign="bottom" align="right"><font face="Arial" size="2">2,564,940</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Wolverine
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">348,900</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">13,624,545</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">16,900,965</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 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">159,704,022</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 valign="bottom" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">64,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,799,550</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">46,416</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,241,893</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">54,700</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,444,080</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Nomad
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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">125,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,532,500</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">226,560</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,635,072</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">Seneca
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">13,840</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">442,880</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">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">367,500</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">165,529</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,841,723</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">19,505,648</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">57,630</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,714,254</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">25,019,452</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">78,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">565,500</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">594,350</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">3,888,250</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">214,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,280,000</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">564,693</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,973,959</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">249,431</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,581,611</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">942,648</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">ION
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<tr>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">607,680</font></td>
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<tr>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">324,894</font></td>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">76,546,082</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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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<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">279,148</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">5,694,619</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">394,936</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">3,147,640</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">53,200</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,085,280</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">654,860</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">291,395</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">212,272</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">1,052,869</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">224,227</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">6,206,603</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 align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font 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">20,346,466</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">96,892,548</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 #000000;">&#160;</td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">228,416</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">11,845,654</font></td>
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<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 valign="bottom" align="right"><font face="Arial" size="2">7,378,895</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">1,080</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">160,800</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,069,848</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">First
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">14,676</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,637,661</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 valign="bottom" align="right"><font face="Arial" size="2">2,972,000</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">1,394,541</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<td valign="bottom" align="right"><font face="Arial" size="2">259,223</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">163,839</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,692,241</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">57,200</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,494,776</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">87,900</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,140,667</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></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">52,097,608</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">94,850</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,028,174</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">RIT
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">41,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,090,164</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">819,918</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">8,125,387</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">10,243,725</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Axos
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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 valign="bottom" align="right"><font face="Arial" size="2">560,557</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Genworth
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">225,895</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,448,510</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Timberland
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">288,857</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">9,023,893</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 valign="bottom" align="right"><font face="Arial" size="2">34</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">40,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">17,073,760</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 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 valign="bottom" align="right"><font face="Arial" size="2">246,085,396</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">AMAG
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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">65,815</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">408,857</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<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">8,488,190</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 valign="bottom" align="right"><font face="Arial" size="2">22,400</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">138,500</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 valign="bottom" align="right"><font face="Arial" size="2">34,518,177</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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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>
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<td valign="bottom" align="right"><font face="Arial" size="2">174,250</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<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">17,116,267</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><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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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<td valign="bottom" align="right"><font face="Arial" size="2">34,291</font></td>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<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">1,315,489</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">78,925,310</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">4,786,448</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">24,110,643</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">51,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,446,370</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Magellan
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">96,800</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,360,214</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">Teledyne
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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">5,900</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,455,412</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">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">935,364</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,522,845</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">57,597,870</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">143,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,514,790</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">170,750</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">12,242,775</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">22,757,565</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Burnham
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<td><font face="Arial" size="1">&#160;</font></td>
<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 valign="bottom" align="right"><font face="Arial" size="2">533,160</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">Patrick
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,775</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">933,880</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Simpson
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">59,900</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,340,354</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">5,807,394</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">188,700</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,415,250</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">99,028</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">780,341</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">2,870,960</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">125,400</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,461,862</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">100,106</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,137,263</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">286,180</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,793,515</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">105,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,604,250</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</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>
<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>
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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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">75,345</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">631,820</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>
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<tr style="font-size:1px;">
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<tr>
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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" 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 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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<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 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>
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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">15,000</font></td>
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<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,220,352</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Arial" size="2">116,760</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">14,244,720</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">Patriot
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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 valign="bottom" align="right"><font face="Arial" size="2">2,658,201</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">Saia
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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">40,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,058,000</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">Universal
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">78,916</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,904,109</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">28,450,232</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Air
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">303,200</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">13,910,816</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">Central
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,862</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">148,243</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">Houston
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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">877,363</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,755,695</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">SiteOne
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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">25,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,883,500</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">Watsco</font></p></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">20,400</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,633,240</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">26,331,494</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">480,396,109</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px 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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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">214,973</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">3,794,273</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">100,000</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,102,000</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">4,896,273</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">63,795</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">4,484,788</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Cognex
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">350,600</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">19,570,492</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">Coherent
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">60,400</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,400,276</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">eMagin
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">50,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">0</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">222,600</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,297,476</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">179,437</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">11,546,771</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">FLIR
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">216,766</font></td>
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<td valign="bottom" align="right"><font face="Arial" size="2">628,621</font></td>
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<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
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<td valign="bottom" align="right"><font face="Arial" size="2">40,876,047</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><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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><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" size="1">&#160;</font></td>
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<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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" size="1">&#160;</font></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">7,836,907</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 1px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
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<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 valign="bottom" align="right"><font face="Arial" size="2">130,463,224</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Equity Real
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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">New
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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">15,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">272,100</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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">Real Estate
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Altus
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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">24,200</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">573,501</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">FirstService
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">184,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">15,628,236</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<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>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">188,558</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">11,709,452</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Kennedy-Wilson
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">111,300</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">2,392,950</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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">198,613</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">6,893,857</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<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 valign="bottom" align="right"><font face="Arial" size="2">2,524,160</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">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">197,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,309,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">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">478,479</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">10,387,779</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">53,419,535</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">53,691,635</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>Utilities
</b> &#150; <b>0.3%</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">Gas Utilities
 - 0.2%</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">UGI
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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">69,500</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">3,855,860</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Vistra
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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">65,200</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,622,176</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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 valign="bottom" align="right"><font face="Arial" size="2">5,478,036</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
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<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>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $1,105,294,661)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,590,159,703</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
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<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Fixed
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">0.42%
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">maturity
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">by
 obligations of various U.S. Government</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">Agencies,
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<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2">(Cost $59,118,000)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">59,118,000</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="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><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>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><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 $1,164,412,661)</font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">1,649,277,703</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2"><b>CASH AND
 OTHER ASSETS</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Arial" size="2"><b>
LESS LIABILITIES</b> &#150; <b>0.0%</b></font></p></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">334,780</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 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><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 valign="bottom" align="left"><font face="Arial" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"><b> 1,649,612,483
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td align="left"><font face="Arial">&#160;</font></td>
<td valign="bottom" colspan="2" style="border-top: 2px solid #000000;">&#160;</td>
<td><font face="Arial">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Arial" size="1"><sup><a name="e58674_rvt1">1</a></sup></font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="1">Non-income producing.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><sup><a name="e58674_rvt2">2</a></sup></font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="1">These securities are defined as Level 2 securities due to fair value being
 based on quoted prices for similar securities.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><sup><a name="e58674_rvt3">3</a></sup></font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="1">At September 30, 2018, the Fund owned 5% or more of the Company&#146;s outstanding
 voting securities thereby making the Company an Affiliated Company as that term
 is defined in the Investment Company Act of 1940.</font></div></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Arial" size="1"><sup><a name="e58674_rvt4">4</a></sup></font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="1">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.<br></font></div></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2"><b>TAX INFORMATION:</b> The cost of total
 investments for Federal income tax purposes was $1,165,290,871. At September 30,
 2018, net unrealized appreciation for all securities was $483,986,832, consisting
 of aggregate gross unrealized appreciation of $573,680,690 and aggregate gross unrealized
 depreciation of $89,693,858. 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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3" align="left"><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></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="3%" nowrap valign="top" align="left"><font face="Arial" size="2">Level 1 &#150;&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="2">quoted
 prices in active markets for identical securities.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Level 2 &#150;&#160;</font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="2">other significant
 observable inputs (including quoted prices for similar securities, foreign securities
 that may be fair valued and repurchase agreements). The table below includes all
 Level 2 securities. Level 2 securities with values based on quoted prices for similar
 securities are noted in the Schedule of Investments.</font></div></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="Arial" size="2">Level 3 &#150;&#160;</font></td>
<td valign="bottom"><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>
<tr>
<td colspan="3" valign="bottom"><div align="justify"><font face="Arial" size="2">The inputs or methodology
 used for valuing securities are not necessarily an indication of the risk associated
 with investing in those securities.<br>The following is a summary of the inputs used
 to value the Fund&#146;s investments as of September 30, 2018. For a detailed breakout of common stocks by sector classification, please refer to the Schedule of Investments.</font></div></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" 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="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">$1,573,150,409</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">$15,826,951</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">$1,182,343</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Arial" size="2">$1,590,159,703</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">59,118,000</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">59,118,000</font></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2">Certain securities have transferred in and
 out of Level 1 and Level 2 measurements during the reporting period. The Fund recognizes
 transfers between levels as of the end of the reporting period. For the nine months
 ended September 30, 2018, securities valued at $2,212,821 were transferred from
 Level 1 to Level 2 and securities valued at $70,048,321 were transferred from Level
 2 to Level 1 within the fair value hierarchy.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Level 3 Reconciliation:</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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 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 align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="10%" align="left"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Balance
 as of</b></font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%"><font face="Arial" size="1">&#160;</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Arial" size="2"><b>Realized
</b></font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="center"><font face="Arial" size="2"><b>Unrealized
</b></font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%"><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 valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/17
</b></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 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>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
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</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="12" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Common Stocks</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">$891,600</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">$461,843</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">$&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">$(171,100)</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2">$1,182,343</font></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2">The following table summarizes the valuation
 techniques used and unobservable inputs approved by the Valuation Committee to determine
 the fair value of certain, material Level 3 investments. The table does not include
 Level 3 investments with values derived utilizing prices from prior transactions
 or third party pricing information with adjustments (e.g. broker quotes, pricing
 services, net asset values).</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td 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>Impact
 to Valuation</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 nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Fair
 Value at</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Unobservable
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>From
 an Increase</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 valign="bottom" align="center"><font face="Arial" size="2"><b>9/30/18
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Valuation
 Technique(s)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>Input(s)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>Range
 Average</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Arial" size="2"><b>in Input<sup>1</sup></b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="11" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td nowrap valign="top" align="left"><font face="Arial" size="2"><br>Common Stocks</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Arial" size="2"><br>$1,182,343</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td nowrap width="5%" valign="top" align="center"><font face="Arial" size="2">Discounted
 Present Value<br>Balance Sheet Analysis</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" nowrap valign="top" align="center"><font face="Arial" size="2"><br>Liquidity
 Discount</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Arial" size="2"><br>30%-40%</font></td>
<td width="10%"><font face="Arial" size="1">&#160;</font></td>
<td width="5%" valign="top" align="center"><font face="Arial" size="2"><br>Decrease</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td nowrap valign="top" align="left"><font face="Arial" size="1"><sup STYLE="vertical-align:baseline; position:relative; bottom:.4ex">1</sup></font></td>
<td valign="bottom"><div align="justify"><font face="Arial" size="1">This column
 represents the directional change in the fair value of the Level 3 investments that
 would result in an increase from the corresponding unobservable input. A decrease
 to the unobservable input would have the opposite effect. Significant increases
 and decreases in these unobservable inputs in isolation could result in significantly
 higher or lower fair value measurements.<br><br></font></div></td>
</tr>
</table>
<p align="justify"><font face="Arial" size="2"><b>Repurchase Agreements:<br></b>The Fund
 may enter into repurchase agreements with institutions that the Fund&#146;s investment
 adviser has determined are creditworthy. The Fund restricts repurchase agreements
 to maturities of no more than seven days. Securities pledged as collateral for repurchase
 agreements, which are held until maturity of the repurchase agreements, are marked-to-market
 daily and maintained at a value at least equal to the principal amount of the repurchase
 agreement (including accrued interest). Repurchase agreements could involve certain
 risks in the event of default or insolvency of the counter-party, including possible
 delays or restrictions upon the ability of the Fund to dispose of its underlying
 securities. The remaining contractual maturity of the repurchase agreement held
 by the Fund at September 30, 2018 is overnight and continuous.</font></p>
<p align="justify"><font face="Arial" size="2"><b>Borrowings:<br></b>The Fund is party
 to a revolving credit agreement (the credit agreement) with BNP Paribas Prime Brokerage
 International, Limited (BNPPI). As of September 30, 2018, the Fund had no outstanding
 borrowings. During the period ended September 30, 2018, the Fund borrowed an average
 daily balance of $65,366,300. 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 held the following positions
 in shares of such companies at September 30, 2018:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Change
 in Net</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></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" colspan="3"><font face="Arial" size="2"><b>Unrealized
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="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 valign="bottom" align="center"><font face="Arial" size="2"><b>Shares
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><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" colspan="3"><font face="Arial" size="2"><b>Cost
 of</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Proceeds
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Realized
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Appreciation
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Dividend
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Shares
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Market
 Value</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left" nowrap><font face="Arial" size="2"><b>Affiliated
 Company</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center"><font face="Arial" size="2"><b>12/31/17
</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="center" colspan="3"><font face="Arial" size="2"><b>12/31/17
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Purchases
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>from
 Sales</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td nowrap valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Gain
 (Loss)</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>(Depreciation)
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>Income
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>9/30/18
</b></font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="3"><font face="Arial" size="2"><b>9/30/18
</b></font></td>
</tr>
<tr style="font-size:1px;">
<td valign="bottom" colspan="36" style="border-top: 1px solid #000000;">&#160;</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Arial" size="2">HG Holdings</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">912,235</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="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2"> 793,645</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="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" 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="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">(346,650</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">)</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2">912,235</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
<td width="2%"><font face="Arial" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td width="7%" valign="bottom" align="right"><font face="Arial" size="2"> 446,995</font></td>
<td width="1%"><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr>
<td nowrap valign="bottom" align="left"><font face="Arial" size="2">Houston Wire
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<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">877,363</font></td>
<td><font face="Arial" 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">6,317,014</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">438,681</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">877,363</font></td>
<td><font face="Arial" 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">6,755,695</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#d1d2d4">
<td align="left" bgcolor="#ffffff"><font face="Arial" size="1">&#160;</font></td>
<td align="left" bgcolor="#ffffff"><font face="Arial" size="1">&#160;</font></td>
<td align="left"><font face="Arial" size="1">&#160;</font></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="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,110,659</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</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="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2"> 92,031</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">&#150;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td><font face="Arial" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Arial" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Arial" size="2">7,202,690</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 (www.roycefunds.com) and on the Securities
 and Exchange Commission&#146;s website (www.sec.gov).</font></p>

<p style="text-align: justify"><font style="font: x-small Arial">&nbsp;</font></p>

<p style="text-align: justify"><font style="font: x-small Arial">&nbsp;</font></p>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) The Registrant&#8217;s principal executive and principal financial
officers have concluded, based on their evaluation of the Registrant&#8217;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 &#8220;Act&#8221;)),
that the Registrant&#8217;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&#8217;s management, including its principal executive and
principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) There were no changes in the Registrant&#8217;s internal control
over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant&#8217;s last fiscal quarter that have
materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.</P>

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher D. Clark&#9;</U></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: November 26, 2018</P>

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


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant
and in the capacities and on the dates indicated.</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher D. Clark&#9;</U></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: November 26, 2018</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Peter K. Hoglund&#9;</U></P>

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: November 26, 2018</P>

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

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

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

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

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

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


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<TYPE>EX-99.CERT
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<FILENAME>ex99-cert.htm
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3. Based on my knowledge, the schedule of investments included in
this report, fairly present in all material respects the investments of the Registrant as of the fiscal quarter for which the report
is filed;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4. The Registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the Registrant and have:</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and</P>

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

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



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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: November 26, 2018</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Christopher D. Clark&#9;</U></P>

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

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

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

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

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


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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Peter K. Hoglund, certify that:</P>

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">3. Based on my knowledge, the schedule of investments included in
this report, fairly present in all material respects the investments of the Registrant as of the fiscal quarter for which the report
is filed;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4. The Registrant's other certifying officer(s) and I are responsible
for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for
the Registrant and have:</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(c) Evaluated the effectiveness of the Registrant's disclosure controls
and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and</P>

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

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

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


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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: November 26, 2018</P>

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ Peter K. Hoglund&#9;</U></P>

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

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

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

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


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